HDI, Hannover Re, and Related Entities on Watch Negative After Cooperation Talks with Gerling Oct 02

Standard & Poors, October 2002

Abstract
FRANKFURT (Standard & Poor's) Oct. 29, 2002--Standard & Poor's Ratings Services said today it placed its double-'A'-minus counterparty credit and insurer financial strength ratings on the German property/casualty insurer HDI Haftpflichtverband der Deutschen Industrie VaG (HDI) and its core subsidiary, HDI Reinsurance (Ireland) Ltd. on CreditWatch with negative implications. The CreditWatch placement follows HDI's confirmation that it has signed a confidentiality agreement as part of nonexclusive cooperation talks with the Germany-based Gerling group. At the same time, Standard & Poor's placed its single-'A'-minus counterparty credit and senior unsecured debt ratings on Talanx AG, the HDI group's intermediate holding company, on CreditWatch with negative implications. In addition, Standard & Poor's placed its double-'A' counterparty credit and insurer financial strength ratings on...

Companies mentioned in this report are: HDI Haftpflichtverband der Deutschen Industrie VaG,Hannover Rueckversicherung AG,Gerling-Konzern Allgemeine Versicherungs-AG,Hannover Finance Inc.,Talanx AG,Hannover Finance (Luxembourg) S.A.
Action: On CreditWatch:Negative

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.

HDI Haftpflichtverband der Deutschen Industrie VaG,Hannover Rueckversicherung AG,Gerling-Konzern Allgemeine Versicherungs-AG,Hannover Finance Inc.,Talanx AG,Hannover Finance (Luxembourg) S.A.

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