AM Best Removes From Under Review and Downgrades Credit Ratings of HDI Global Specialty SE

LONDON–(BUSINESS WIRE)–AM Best has removed from under review with negative implications
and 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 outlook assigned to these Credit
Ratings (ratings) is stable.

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 V.a.G. (HDI V.a.G), from
Hannover Rueck SE (Hannover Re).

The ratings reflect the group’s balance sheet strength, which AM Best
categorises as very strong, as well as its strong operating performance,
favourable business profile and appropriate enterprise risk management.
The ratings of HDI Global Specialty SE reflect its strategic importance
to the group and its alignment with its ultimate parent, HDI V.a.G.

Effective 1 January 2019, HDI Global SE acquired the majority of the
shares (50.2%) of HDI Global Specialty SE, leaving Hannover Re with a
non-controlling stake in the entity. Merging the specialty lines
activities of HDI Global SE and Hannover Re will allow the new entity to
benefit from an enhanced global footprint and consequently, enhance
returns from broader growth opportunities. HDI Global Specialty SE is
forecast to write approximately EUR 1.2 billion in gross written
premiums in 2019.

AM Best remains the leading rating agency of alternative risk
transfer entities, with more than 200 such vehicles rated throughout the
world. For current Best’s Credit Ratings and independent data on the
captive and alternative risk transfer insurance market, please visit
www.ambest.com/captive.

This press release relates to Credit Ratings that have been published
on AM Best’s website. For all rating information relating to the release
and pertinent disclosures, including details of the office responsible
for issuing each of the individual ratings referenced in this release,
please see AM Best’s
Recent
Rating Activity
web page. For additional information
regarding the use and limitations of Credit Rating opinions, please view
Understanding
Best’s Credit Ratings
. For information on the proper media
use of Best’s Credit Ratings and AM Best press releases, please view
Guide
for Media – Proper Use of Best’s Credit Ratings and AM Best Rating
Action Press Releases
.

AM Best is a global rating agency and information provider with a
unique focus on the insurance industry. Visit
www.ambest.com
for more information
.

Copyright © 2019 by A.M. Best Rating Services, Inc. and/or its
affiliates. ALL RIGHTS RESERVED.

Contacts

Konstantin Langowski
Financial Analyst
+44 20
7397 0318

konstantin.langowski@ambest.com

Mahesh Mistry
Senior Director, Analytics
+44
20 7397 0325

mahesh.mistry@ambest.com

Christopher Sharkey
Manager, Public Relations
+1
908 439 2200, ext. 5159

christopher.sharkey@ambest.com

Jim Peavy
Director, Public Relations
+1 908
439 2200, ext. 5644

james.peavy@ambest.com