Summary: Munich Re Group Sep 10

Standard & Poors, September 2010

Abstract
The ratings on Germany-based global reinsurer Munich Reinsurance Co. and its related core entities (collectively, Munich Re) reflect the group's very strong competitive position, very strong capitalization and financial flexibility, and strong enterprise risk management (ERM), in Standard & Poor's Ratings Services' view. These factors are partly offset by the group's operating performance, which, although strong and resilient, is in our view a relative weakness for the rating, as well as by the unfavorable risk-return profile of Munich Re's domestic primary life insurance business. We view Munich Re's competitive position as very strong. Munich Re's competitive strength is predominantly founded on the group's position as a leading global reinsurer in property/casualty and life reinsurance, with a highly recognizable brand, superior...

Companies mentioned in this report are: Munich Reinsurance Co.
Action: Review

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.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Munich Reinsurance Co.

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