Ratings Roundup: Allianz, AXIS

January 31, 2008

Standard & Poor’s Ratings Services said that its ratings and outlook on Allianz SE (AA/Stable/A-1+) and related entities were not immediately affected by the revision of the outlook to negative from stable on its German-based subsidiary Dresdner Bank AG (Dresdner; A+/Negative/A-1. “The ratings on Allianz remain supported by its continued very strong operating results in its insurance and asset management operations, which largely offset Dresdner’s weaker earnings prospects due to a potentially longer lasting difficult capital market environment,” said S&P.

Standard & Poor’s Ratings Services has assigned its ‘A’ financial strength and counterparty credit ratings to AXIS Insurance Co., a U.S.-based P/C insurance writer that is ultimately owned by Bermuda-based insurance and reinsurance holding company AXIS Capital Holdings Ltd. S&P also affirmed its ‘BBB+’ counterparty credit and senior debt ratings on AXIS Capital and its ‘A’ counterparty credit and financial strength ratings on AXIS Capital’s operating subsidiaries AXIS Specialty Ltd., AXIS Reinsurance Co., AXIS Specialty Europe Ltd., AXIS Specialty Insurance Co., AXIS Surplus Insurance Co., and AXIS Re Ltd. The outlook on all of these entities is positive.

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