Zurich, 18.07.2024
Fitch Upgrades Echo Re’s IFS to ‘A’; Outlook Stable
Fitch Ratings – Frankfurt am Main – 18 Jul 2024: Fitch Ratings has upgraded Swiss reinsurer EchoRückversicherungs-AG’s (Echo Re) Insurer Financial Strength (IFS) Rating to ‘A’ (Strong) from ‘A-‘(Strong). The Outlook is Stable.
The upgrade reflects an improvement in Fitch’s assessment of Echo Re’s standalone credit quality to’bbb+’ from ‘bbb’ on the back of a more seasoned business profile and sustained improvement inunderwriting profitability.
The rating reflects Echo Re’s ownership by DEVK Deutsche Eisenbahn Versicherung Sach- und HUK-Versicherungsverein a.G. Betriebliche Sozialeinrichtung der Deutschen Bahn (DEVK; IFS A+/Stable),which results in a two-notch uplift to Echo Re’s standalone credit quality, which in turn mirrors thecompany’s strong capitalisation and its improved company profile and financial performance.
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.