Talanx: Standard & Poor’s upgrades Warta
Hannover, 11 July 2012
Standard & Poor’s has increased the Counterparty Credit Rating and the Insurer Financial Strength Rating of Polish insurance company Warta from “BBB+” to “A” with a stable outlook. The rating agency evaluates Warta as “strategically important” for Talanx Primary Group according to its group methodology and therefore highlights the importance of the latest acquisition by the Talanx Group.
TUiR Warta S.A. has only been a member of Talanx since 1 July 2012 when the Group took over the Polish insurer jointly with its Japanese partner Meiji Yasuda. Warta has about 1.5 million customers. The customer base in composite insurance comprises around two thirds private customers and about one third commercial customers. Warta also has a strong position in industrial lines, particularly in marine and aviation insurance.
“Poland is a strategically important market for us and the successful acquisition is a step focused on the future,” commented Torsten Leue, Chairman of the Board of Management of Talanx International AG. “We are therefore all the more delighted that this has been acknowledged by Standard & Poor’s and has resulted in an upgrade of Warta.”
After the takeover of TU Europa at the beginning of June and the current acquisition of Warta, statistics from the Polish financial regulator for the year 2010 indicate that Talanx has moved up to second place among insurance groups operating in Poland.