Zurich, 28.06.2024
Echo Rueckversicherungs AG Upgraded To ‘A’ On Improved Underwriting Performance; Outlook Stable.
Overview
- Swiss reinsurer Echo Rueckversicherungs AG (Echo Re) has continued to build a track record of a more solid and sustainable underwriting and operating performance, which was consistent with that of higher-rated peers in 2023.
- We expect the performance will be sustainable and in line with that of global reinsurance peers over 2024-2026.
- We therefore raised our long-term issuer credit and financial strength ratings on Echo Re to ‘A’ from ‘A-‘. We also revised Echo Re’s business risk profile to satisfactory from fair.
- The stable outlook reflects our expectation that Echo Re will expand its business franchise while preserving satisfactory profitability and solid capital and earnings. It also incorporates our view that the company will remain strategically important to its parent DEVK Insurance Group (DEVK, A+/Stable/–) and benefit from financial and liquidity support if necessary.
Rating Action
On June 28, 2024, S&P Global Ratings raised its long-term issuer credit and financial strength ratings on Echo Re to ‘A’ from ‘A-‘. The outlook is stable.
Echo Re Ltd., Brandschenkestrasse 18-20, 8001 Zurich (Switzerland)
Press contact:
Gregor Schulte, Chief Financial & Operating Officer, phone +41 44 283 16 17, gregor.schulte@echore.com
About Echo Re
Echo Re was founded in 2008 and is a wholly owned subsidiary of the German DEVK Group. Its treaty reinsurance portfolio covers all P&C and a broad range of specialty lines of business from cedants in Asia, the Middle East, Africa, Latin America and the Caribbean.