We are pleased to announce that Credendo – Single Risk has been assigned a financial strength rating of ‘A-‘with a stable outlook by Standard & Poors Global Ratings (S&P). This is the first time that S&P assigned a rating to Credendo – Single Risk.
S&P´s rating among other factors reflects Credendo – Single Risk´s position in the single risk insurance market, its sound capitalization and comprehensive reinsurance protection as well as its strategic importance to Credendo Group as the designated provider of Single Risk insurance solutions.
The credit assessment by S&P was solicited following the successful capital increase of EUR 40m in June this year with a view to support the development of new and promising business opportunities with target clients.
“The assignment of an A- rating by S&P represents a significant achievement in the given challenging economic environment, said Michael Frank, General Manager and Chairman of the Management Board of Credendo – Single Risk. It represents an important step in the development of our company and we trust that it will be well received by the PRI market and in particular our existing as well as prospective new clients. Credendo – Single Risk has embarked on a strategic business development plan that focuses on putting client relationships at the centre of ambitious and mutual future growth”.
Head of External relations
Tel. +41 22 908 30 72