Generali Deutschland rating downgraded

GENERALI DEUTSCHLAND has been hit by a rating downgrade for its non-life business. Fitch has downgraded the rating on Generali Deutschland’s non-life insurer, Advocard Rechtsschutzversicherung AG, to A from A+.The rating agency said this was mainly a reflection on the downgrade of Advocard’s Italian-based parent, Assicurazioni Generali, to AA- in February. However, Fitch has affirmed the A+ rating on Generali Deutschland’s life insurer, Dialog Lebensversicherungs-AG, and its A- rating on the group’s health insurer, Envivas Krankenversicherung AG. The outlook on all three entities remains negative. The rating agency said it regards Generali Deutschland as a core part of the Italian Generali group. In 2008, Generali Deutschland accounted for 25% of the group’s gross life and health written premiums and 13.9% of the overall non-life premiums of the whole Generali group. The German operations accounted for 25.6% of Generali group’s total assets, and Fitch sees Germany to be the most important foreign market for the group.