Zurich, 31.07.2023

Echo Re has been informed of Fitch Rating’s (Fitch) decision to affirm the company’s Financial Strength (IFS) Rating of ‘A-’ with ‘stable outlook’.

Being a ‘very important’ part of the DEVK Group (DEVK; IFS A+/Stable), a large German mutual insurance group, this relationship results in a two-notch uplift to Echo Re’s standalone credit quality. In order to recognize the improvement in Echo Re’s company profile, Fitch upgraded the standalone credit quality to ‘bbb’.

Fabian Pütz, Chief Executive Officer of Echo Re, commented: “We are pleased to see that the significant achievements to further build Echo Re’s company profile, profitability and organizational resilience have been recognized with an upgrade to our standalone rating this year. Leveraging on the strong backing of the DEVK Group and a consistent underwriting appetite, I am convinced that the current market momentum allows us to capitalize the full potential of the company even faster. This is to the benefit of our business partners and our strategic mandate to diversify the DEVK Group’s portfolio with multi-line exposure from Asia-Pacific, the Middle East, Africa, Latin America and the Caribbean.

For more information:
Fitch Affirms Echo Re at IFS ‘A-‘; Outlook Stable (fitchratings.com)

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 Ltd
Echo Re Ltd. is a Zurich-based reinsurer founded in 2008 as a wholly owned subsidiary of the German DEVK Group (Rating “A-“ confirmed from both Standard & Poor’s and Fitch). Echo Re serves clients in Asia, the Middle East, Africa, Latin America, and the Caribbean with dedicated and extensive reinsurance know how in P&C as well as Specialty Lines of Business such as Agriculture, Marine/Energy, Engineering, Extended Warranty, Credit/Bond and Cyber.