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BULLETIN: HDI's Transfer of Industrial Lines Portfolio Approved at Annual General Meeting Jul 03
Standard & Poors, July 2003
Abstract
FRANKFURT (Standard & Poor's) July 17, 2003--Standard & Poor's Ratings Services said today that its ratings and outlook on Germany-based HDI Haftpflichtverband der Deutschen Industrie VaG (HDI VaG; AA-/Negative/--) and related entities are unaffected after the transfer of HDI VaG's industrial lines portfolio to the newly founded HDI Industrie Versicherung AG (HDI Industrie) was approved at its annual general meeting. In order to keep its mutual status, HDI VaG will continue to participate by 1% on each industrial lines contract by co-insuring both the existing portfolio and new business. In addition, HDI VaG will remain the ultimate holding company of the overall HDI group. Standard & Poor's expects to withdraw the ratings on HDI VaG once the portfolio transfer has...
Companies mentioned in this report are: HDI Haftpflichtverband der Deutschen Industrie VaG,Talanx AG
Action: S&P Event
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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