What’s New: In Brief (October 12, 2006)

A.M. Best Co. has upgraded the financial strength rating to A (Excellent) from A- (Excellent) and the issuer credit rating (ICR) to “a+” from “a-” of Allianz Global Corporate & Specialty AG (AGCS) (Germany), formerly known as Allianz Marine & Aviation Versicherungs Aktiengesellschaft.
The outlook for both ratings is stable.
AGCS is the result of the incorporation of Allianz Global Risks Rckversicherungs-Aktiengesellschaft (AGR) and the transfer of the industrial portfolio of Allianz Versicherungs AG (AV) into Allianz Marine & Aviation Versicherungs Aktiengesellschaft (AMAV).
“The ratings reflect the enhancement received from the implicit support of its ultimate parent, Allianz Aktiengesellschaft (Allianz),” A.M. Best noted in a press release. “Other rating factors include the company’s excellent consolidated risk-adjusted capitalization, strong prospective operating performance and excellent business profile.”
A.M. Best says it expects AGCS’s prospective operating performance to be strong. “Underwriting results for the combined entity are likely to be positive in 2006, with an anticipated combined ratio of approximately 97%, as the company has implemented stricter risk management procedures and reduced its exposure to U.S. catastrophe risks following the significant exposure to the US hurricanes.”

People who attended the RIMS Canada Conference in Calgary will be treated to an encore performance by the band Tabloid, which is scheduled to appear in Toronto at the Sedgwick Pub Night on Oct. 19.
The Pub Night is in support of the United Way.
Tabloid band members include Alan Garner, CEO of Marsh Canada Limited, Michel Bryan, managing director of Marsh Canada Ltd.’s Montreal office, Dwane Rechil of Marsh’s Montreal office, professional singer Arlette Torregrossa and professional drummer Pascal Gingras.