HDI Global Specialty downgraded by AM Best
AM Best has downgraded the Financial Strength Rating to A (Excellent) from A+ (Superior) and the Long-Term Issuer Credit Rating to “a+” from “aa” of HDI Global Specialty SE (Germany).
The rating actions follow the change in ownership of HDI Global Specialty SE (previously known as International Insurance Company of Hannover SE) to HDI Global SE, a direct subsidiary of HDI Haftpflichtverband der Deutschen Industrie, from Hannover Rueck SE (Hannover Re).
Effective January 1, 2019, HDI Global has acquired the majority of the shares (50.2 percent) of HDI Global Specialty, leaving Hannover Re with a non-controlling stake in the entity.
AM Best had placed the rating of International Insurance Company of Hannover SE (Inter Hannover) under review in May 2018.
The move by AM Best followed the announcement by Hannover Re and HDI Global announced on May 11, 2018, of the establishment of a new joint venture, HDI Global Specialty SE, using Inter Hannover as the main carrier to focus on growth in specialty lines insurance.
Merging the specialty lines activities of HDI Global and Hannover Re will allow the new entity to benefit from an enhanced global footprint and consequently, enhance returns from broader growth opportunities, AM Best noted. HDI Global Specialty is forecast to write approximately €1.2 billion in gross written premiums in 2019.
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