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<item><title>Ergo Versicherungsgruppe AG acquires a minority stake in MediClin AG</title><description>GERMANY - ERGO Versicherungsgruppe AG, a ##.#% owned unit of Muenchener Rueckversicherungs Gesellschaft AG {Munich Re}, acquired an ##.##% stake or #.### mil shares in MediClin AG, a Frankfurt Am Main-based owner and operator of medical clinics, in an open market transaction.</description><pubDate>7/9/2008 2:30:30 PM</pubDate><sdc:company_cusip xmlns:sdc="http://www.alacra.com/sdc">29488E</sdc:company_cusip><sdc:target_company_cusip xmlns:sdc="http://www.alacra.com/sdc">58429W</sdc:target_company_cusip><sdc:company_cusip_up xmlns:sdc="http://www.alacra.com/sdc">62475Q</sdc:company_cusip_up><sdc:target_company_cusip_up xmlns:sdc="http://www.alacra.com/sdc">58429W</sdc:target_company_cusip_up><sdc:company xmlns:sdc="http://www.alacra.com/sdc">Ergo Versicherungsgruppe AG</sdc:company><sdc:target_company xmlns:sdc="http://www.alacra.com/sdc">MediClin AG</sdc:target_company><sdc:company_up xmlns:sdc="http://www.alacra.com/sdc">Muenchener Ruckversicherungs- Gesellschaft AG{Munich Re}</sdc:company_up><sdc:target_company_up xmlns:sdc="http://www.alacra.com/sdc">MediClin AG</sdc:target_company_up><link>http://www.alacrastore.com/storecontent/Thomson_M%26A/Ergo_Versicherungsgruppe_AG_acquires_a_minority_stake_in_MediClin_AG-1994069040</link><guid isPermaLink="false">sdc/1994069040</guid><sdc:deal xmlns:sdc="http://www.alacra.com/sdc"><sdc:deal_no>1994069040</sdc:deal_no><sdc:_copyright><sdc:value>Copyright Â© 2008, Thomson Financial, All Rights Reserved</sdc:value></sdc:_copyright><sdc:a_EXCHANGE><sdc:value>Xetra</sdc:value></sdc:a_EXCHANGE><sdc:a_MAINDUSTRY><sdc:value>Insurance</sdc:value></sdc:a_MAINDUSTRY><sdc:a_NATION><sdc:value>Germany</sdc:value></sdc:a_NATION><sdc:a_SICDESC><sdc:value>Life 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insurance</sdc:value><sdc:value sdc:p="3">6351:Surety insurance</sdc:value></sdc:aupsic_SIC><sdc:b_EXCHANGE><sdc:value>Frankfurt</sdc:value></sdc:b_EXCHANGE><sdc:b_MAINDUSTRY><sdc:value>Health Services</sdc:value></sdc:b_MAINDUSTRY><sdc:b_NATION><sdc:value>Germany</sdc:value></sdc:b_NATION><sdc:b_SICDESC><sdc:value>Offices and clinics of doctors of medicine</sdc:value></sdc:b_SICDESC><sdc:b_SICPI><sdc:value>8011</sdc:value></sdc:b_SICPI><sdc:b_STATE><sdc:value>FF</sdc:value></sdc:b_STATE><sdc:b_STATELONG><sdc:value>Foreign</sdc:value></sdc:b_STATELONG><sdc:b_STATUS><sdc:value>Public</sdc:value></sdc:b_STATUS><sdc:b_TICKER><sdc:value>MED</sdc:value></sdc:b_TICKER><sdc:c_ACIDGEN><sdc:value>183215002</sdc:value></sdc:c_ACIDGEN><sdc:c2up_BUSS><sdc:value>Pvd ins,reinsurance svcs</sdc:value></sdc:c2up_BUSS><sdc:c3up_BUSS><sdc:value>Own,op med clinics</sdc:value></sdc:c3up_BUSS><sdc:co_DESCR><sdc:value>Unspecified</sdc:value></sdc:co_DESCR><sdc:cs_DESCR><sdc:value>Stock</sdc:value></sdc:cs_DESCR><sdc:d_TCIDGEN><sdc:value>694306001</sdc:value></sdc:d_TCIDGEN><sdc:date_lastupdate><sdc:value>Jul 9 2008</sdc:value></sdc:date_lastupdate><sdc:finbltm_BV><sdc:value>0.00000</sdc:value></sdc:finbltm_BV><sdc:finbltm_CASH><sdc:value>0.00000</sdc:value></sdc:finbltm_CASH><sdc:finbltm_CASHFLOW><sdc:value>0.00000</sdc:value></sdc:finbltm_CASHFLOW><sdc:finbltm_CASHFLOW1><sdc:value>0.00000</sdc:value></sdc:finbltm_CASHFLOW1><sdc:finbltm_CASHFLOW2><sdc:value>0.00000</sdc:value></sdc:finbltm_CASHFLOW2><sdc:finbltm_CASHFLOW3><sdc:value>0.00000</sdc:value></sdc:finbltm_CASHFLOW3><sdc:finbltm_CASHFLOW4><sdc:value>0.00000</sdc:value></sdc:finbltm_CASHFLOW4><sdc:finbltm_CASHFLOW5><sdc:value>0.00000</sdc:value></sdc:finbltm_CASHFLOW5><sdc:finbltm_COMEQ><sdc:value>0.00000</sdc:value></sdc:finbltm_COMEQ><sdc:finbltm_DEBTRAT><sdc:value>0.00000</sdc:value></sdc:finbltm_DEBTRAT><sdc:finbltm_DSER2><sdc:value>0.00000</sdc:value></sdc:finbltm_DSER2><sdc:finbltm_EBIT><sdc:value>0.00000</sdc:value></sdc:finbltm_EBIT><sdc:finbltm_EPS><sdc:value>0.00000</sdc:value></sdc:finbltm_EPS><sdc:finbltm_NI><sdc:value>0.00000</sdc:value></sdc:finbltm_NI><sdc:finbltm_PTINC><sdc:value>0.00000</sdc:value></sdc:finbltm_PTINC><sdc:finbltm_SALES><sdc:value>0.00000</sdc:value></sdc:finbltm_SALES><sdc:finbltm_STDEBT><sdc:value>0.00000</sdc:value></sdc:finbltm_STDEBT><sdc:finbltm_TASS><sdc:value>0.00000</sdc:value></sdc:finbltm_TASS><sdc:fiscal_ADCR><sdc:value>0.00000</sdc:value></sdc:fiscal_ADCR><sdc:fiscal_ANI><sdc:value>0.00000</sdc:value></sdc:fiscal_ANI><sdc:fiscal_APFDCR><sdc:value>0.00000</sdc:value></sdc:fiscal_APFDCR><sdc:fiscal_ASALES><sdc:value>0.00000</sdc:value></sdc:fiscal_ASALES><sdc:fiscal_ATASS><sdc:value>0.00000</sdc:value></sdc:fiscal_ATASS><sdc:fiscal_RATE><sdc:value>0.00000</sdc:value></sdc:fiscal_RATE><sdc:g_SEQ><sdc:value sdc:p="0">1.00000</sdc:value><sdc:value sdc:p="1">2.00000</sdc:value><sdc:value sdc:p="2">3.00000</sdc:value><sdc:value sdc:p="3">4.00000</sdc:value><sdc:value sdc:p="4">5.00000</sdc:value><sdc:value sdc:p="5">6.00000</sdc:value></sdc:g_SEQ><sdc:g_TEST><sdc:value sdc:p="0">Ergo Versicherungsgruppe AG,</sdc:value><sdc:value sdc:p="1">located in Dusseldorf,</sdc:value><sdc:value sdc:p="2">Germany, is an insurance</sdc:value><sdc:value sdc:p="3">company. It also provides</sdc:value><sdc:value sdc:p="4">financial services and is a</sdc:value><sdc:value sdc:p="5">holding company.</sdc:value></sdc:g_TEST><sdc:g_business><sdc:value sdc:p="0">Ergo Versicherungsgruppe AG, located in Dusseldorf, Germany,</sdc:value><sdc:value sdc:p="1">is an insurance company. It also provides financial services</sdc:value><sdc:value sdc:p="2">and is a holding company.</sdc:value></sdc:g_business><sdc:g_business1><sdc:value>Ergo Versicherungsgruppe AG, located in Dusseldorf, Germany, is an insurance company. It also provides financial services and is a holding company.</sdc:value></sdc:g_business1><sdc:h_SEQ><sdc:value sdc:p="0">1.00000</sdc:value><sdc:value sdc:p="1">2.00000</sdc:value><sdc:value sdc:p="2">3.00000</sdc:value><sdc:value sdc:p="3">4.00000</sdc:value><sdc:value sdc:p="4">5.00000</sdc:value><sdc:value sdc:p="5">6.00000</sdc:value><sdc:value sdc:p="6">7.00000</sdc:value><sdc:value sdc:p="7">8.00000</sdc:value><sdc:value sdc:p="8">9.00000</sdc:value><sdc:value sdc:p="9">10.00000</sdc:value><sdc:value sdc:p="10">11.00000</sdc:value><sdc:value sdc:p="11">12.00000</sdc:value><sdc:value sdc:p="12">13.00000</sdc:value><sdc:value sdc:p="13">14.00000</sdc:value><sdc:value sdc:p="14">15.00000</sdc:value><sdc:value sdc:p="15">16.00000</sdc:value><sdc:value sdc:p="16">17.00000</sdc:value><sdc:value sdc:p="17">18.00000</sdc:value><sdc:value sdc:p="18">19.00000</sdc:value><sdc:value sdc:p="19">20.00000</sdc:value><sdc:value sdc:p="20">21.00000</sdc:value><sdc:value sdc:p="21">22.00000</sdc:value><sdc:value sdc:p="22">23.00000</sdc:value></sdc:h_SEQ><sdc:h_TEST><sdc:value sdc:p="0">MediClin AG, located in</sdc:value><sdc:value sdc:p="1">Frankfurt, owns and operates</sdc:value><sdc:value sdc:p="2">medical clinics. The company</sdc:value><sdc:value sdc:p="3">provides treatment plans</sdc:value><sdc:value sdc:p="4">involving different sectors</sdc:value><sdc:value sdc:p="5">using its own institutions and</sdc:value><sdc:value sdc:p="6">cooperation partners. The</sdc:value><sdc:value sdc:p="7">group provides integrated</sdc:value><sdc:value sdc:p="8">health care services</sdc:value><sdc:value sdc:p="9">throughout Germany. The</sdc:value><sdc:value sdc:p="10">Group's activities are carried</sdc:value><sdc:value sdc:p="11">out through three divisions:</sdc:value><sdc:value sdc:p="12">Acute clinics providing</sdc:value><sdc:value sdc:p="13">hospital services, Post-acute</sdc:value><sdc:value sdc:p="14">clinics providing medical</sdc:value><sdc:value sdc:p="15">rehabilitation, subsequent</sdc:value><sdc:value sdc:p="16">nursing treatment and nursing</sdc:value><sdc:value sdc:p="17">facilities and Other services</sdc:value><sdc:value sdc:p="18">providing administrative</sdc:value><sdc:value sdc:p="19">services. The Group includes</sdc:value><sdc:value sdc:p="20">30 clinics, 7 nursing care</sdc:value><sdc:value sdc:p="21">facilities and 2 medical care</sdc:value><sdc:value sdc:p="22">centers.</sdc:value></sdc:h_TEST><sdc:h_business><sdc:value sdc:p="0">MediClin AG, located in Frankfurt, owns and operates medical</sdc:value><sdc:value sdc:p="1">clinics. The company provides treatment plans involving</sdc:value><sdc:value sdc:p="2">different sectors using its own institutions and cooperation</sdc:value><sdc:value sdc:p="3">partners. The group provides integrated health care services</sdc:value><sdc:value sdc:p="4">throughout Germany. The Group's activities are carried out</sdc:value><sdc:value sdc:p="5">through three divisions: Acute clinics providing hospital</sdc:value><sdc:value sdc:p="6">services, Post-acute clinics providing medical</sdc:value><sdc:value sdc:p="7">rehabilitation, subsequent nursing treatment and nursing</sdc:value><sdc:value sdc:p="8">facilities and Other services providing administrative</sdc:value><sdc:value sdc:p="9">services. The Group includes 30 clinics, 7 nursing care</sdc:value><sdc:value sdc:p="10">facilities and 2 medical care centers.</sdc:value></sdc:h_business><sdc:h_business1><sdc:value>MediClin AG, located in Frankfurt, owns and operates medical clinics. The company provides treatment plans involving different sectors using its own institutions and cooperation partners. The group provides integrated health care services throughout Germany. The Group's activities are carried out through three divisions: Acute clinics providing hospital services, Post-acute clinics providing medical rehabilitation, subsequent nursing treatment and nursing facilities and Other services providing administrative services. 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sdc:p="0">1.00000</sdc:value><sdc:value sdc:p="1">2.00000</sdc:value><sdc:value sdc:p="2">3.00000</sdc:value><sdc:value sdc:p="3">4.00000</sdc:value><sdc:value sdc:p="4">5.00000</sdc:value><sdc:value sdc:p="5">6.00000</sdc:value><sdc:value sdc:p="6">7.00000</sdc:value><sdc:value sdc:p="7">8.00000</sdc:value><sdc:value sdc:p="8">9.00000</sdc:value><sdc:value sdc:p="9">10.00000</sdc:value><sdc:value sdc:p="10">11.00000</sdc:value></sdc:n_SEQ><sdc:n_SYNOPSIS><sdc:value sdc:p="0">GERMANY - ERGO</sdc:value><sdc:value sdc:p="1">Versicherungsgruppe AG, a</sdc:value><sdc:value sdc:p="2">94.7% owned unit of Muenchener</sdc:value><sdc:value sdc:p="3">Rueckversicherungs</sdc:value><sdc:value sdc:p="4">Gesellschaft AG {Munich Re},</sdc:value><sdc:value sdc:p="5">acquired an 18.13% stake or</sdc:value><sdc:value sdc:p="6">5.711 mil shares in MediClin</sdc:value><sdc:value sdc:p="7">AG, a Frankfurt Am Main-based</sdc:value><sdc:value sdc:p="8">owner and operator of medical</sdc:value><sdc:value sdc:p="9">clinics, in an open market</sdc:value><sdc:value sdc:p="10">transaction.</sdc:value></sdc:n_SYNOPSIS><sdc:n_synopsis2><sdc:value>GERMANY - ERGO Versicherungsgruppe AG, a 94.7% owned unit of Muenchener Rueckversicherungs Gesellschaft AG {Munich Re}, acquired an 18.13% stake or 5.711 mil shares in MediClin AG, a Frankfurt Am Main-based owner and operator of medical clinics, in an open market transaction.</sdc:value></sdc:n_synopsis2><sdc:n_synopsis3><sdc:value sdc:p="0">GERMANY - ERGO Versicherungsgruppe AG, a 94.7% owned unit of Muenchener Rueckversicherungs</sdc:value><sdc:value sdc:p="1">Gesellschaft AG {Munich Re}, acquired an 18.13% stake or 5.711 mil shares in MediClin AG,</sdc:value><sdc:value sdc:p="2">a Frankfurt Am Main-based owner and operator of medical clinics, in an open market</sdc:value><sdc:value sdc:p="3">transaction.</sdc:value></sdc:n_synopsis3><sdc:n_synopsis4><sdc:value sdc:p="0">GERMANY - ERGO Versicherungsgruppe AG, a 94.7% owned unit of Muenchener Rueckversicherungs Gesellschaft AG {Munich Re}, acquired an 18.13% stake or 5.711 mil shares in MediClin AG, a Frankfurt Am</sdc:value><sdc:value sdc:p="1">Main-based owner and operator of medical clinics, in an open market transaction.</sdc:value></sdc:n_synopsis4><sdc:n_synopsis5><sdc:value sdc:p="0">GERMANY - ERGO Versicherungsgruppe AG, a 94.7% owned unit of Muenchener Rueckversicherungs Gesellschaft AG {Munich Re}, acquired an</sdc:value><sdc:value sdc:p="1">18.13% stake or 5.711 mil shares in MediClin AG, a Frankfurt Am Main-based owner and operator of medical clinics, in an open market</sdc:value><sdc:value 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sdc:p="0">8011:Offices and clinics of doctors of medicine</sdc:value><sdc:value sdc:p="1">8093:Specialty outpatient facilities, nec</sdc:value></sdc:sic_SIC><sdc:upa_UPACIDGEN><sdc:value>127708001</sdc:value></sdc:upa_UPACIDGEN><sdc:upa1_EXCHANGE><sdc:value>Frankfurt</sdc:value></sdc:upa1_EXCHANGE><sdc:upa1_NATION><sdc:value>Germany</sdc:value></sdc:upa1_NATION><sdc:upa1_SICP><sdc:value>6331</sdc:value></sdc:upa1_SICP><sdc:upa1_STATE><sdc:value>Foreign</sdc:value></sdc:upa1_STATE><sdc:upa1_STATUS><sdc:value>Public</sdc:value></sdc:upa1_STATUS><sdc:upa1_TICKER><sdc:value>MUV2</sdc:value></sdc:upa1_TICKER><sdc:upsic_SIC><sdc:value sdc:p="0">8011:Offices and clinics of doctors of medicine</sdc:value><sdc:value sdc:p="1">8093:Specialty outpatient facilities, nec</sdc:value></sdc:upsic_SIC><sdc:upt_UPTCIDGEN><sdc:value>694306001</sdc:value></sdc:upt_UPTCIDGEN><sdc:upt1_EXCHANGE><sdc:value>Frankfurt</sdc:value></sdc:upt1_EXCHANGE><sdc:upt1_NATION><sdc:value>Germany</sdc:value></sdc:upt1_NATION><sdc:upt1_SICP><sdc:value>8011</sdc:value></sdc:upt1_SICP><sdc:upt1_STATE><sdc:value>Foreign</sdc:value></sdc:upt1_STATE><sdc:upt1_STATUS><sdc:value>Public</sdc:value></sdc:upt1_STATUS><sdc:upt1_TICKER><sdc:value>MED</sdc:value></sdc:upt1_TICKER><sdc:x_RANK1_VALUE><sdc:value>0.00000</sdc:value></sdc:x_RANK1_VALUE><sdc:x_RANK_HOSTRANKVAL><sdc:value>0.00000</sdc:value></sdc:x_RANK_HOSTRANKVAL><sdc:x_RANK_RANKVAL><sdc:value>0.00000</sdc:value></sdc:x_RANK_RANKVAL><sdc:x_rank_rankstgval><sdc:value>0.00000</sdc:value></sdc:x_rank_rankstgval></sdc:deal><category>Deal Information</category><alacra:ip>Thomson Financial Mergers &amp; Acquisitions</alacra:ip></item><item><link>http://www.alacrastore.com/storecontent/spcred/204107</link><guid isPermaLink="false">spcred/204107</guid><spcred:index_mode xmlns:spcred="http://www.alacra.com/spcred">norm</spcred:index_mode><description>The latest News from S&amp;P</description><spcred:dataset xmlns:spcred="http://www.alacra.com/spcred">global</spcred:dataset><spcred:dataset xmlns:spcred="http://www.alacra.com/spcred">structured</spcred:dataset><spcred:dataset xmlns:spcred="http://www.alacra.com/spcred">pubfin</spcred:dataset><pubDate>7/8/2008 2:56:00 AM</pubDate><spcred:price xmlns:spcred="http://www.alacra.com/spcred">100</spcred:price><title>'AAA' Ratings Affirmed on ERGO Insurance Group Units; Outlook Stable</title><spcred:type xmlns:spcred="http://www.alacra.com/spcred">News</spcred:type><spcred:docid xmlns:spcred="http://www.alacra.com/spcred">204107</spcred:docid><spcred:index_entry_dispcountry xmlns:spcred="http://www.alacra.com/spcred">Germany</spcred:index_entry_dispcountry><spcred:index_entry_dispgics xmlns:spcred="http://www.alacra.com/spcred">Life &amp; Health Insurance</spcred:index_entry_dispgics><spcred:index_entry_dispregion xmlns:spcred="http://www.alacra.com/spcred">Europe, Middle East, Africa</spcred:index_entry_dispregion><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Global Issuers</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Structured Finance</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Public Finance</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Corporations</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Financial Institutions</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Insurance</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Asset-Backed Commercial Paper</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Asset-Backed Securities</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Commercial MBS</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Residential MBS</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Collateralized Debt Obligations</spcred:index_entry_dispsector><spcred:index_entry_disptype xmlns:spcred="http://www.alacra.com/spcred">News</spcred:index_entry_disptype><spcred:index_entry_excerpt xmlns:spcred="http://www.alacra.com/spcred">LONDON (Standard&amp;Poor's CreditWire) Aug. 3, 2001-Â—Standard&amp;Poor's today affirmed its triple-'A' counterparty credit and insurer financial strength ratings on the main operating entities of Germany-based ERGO insurance group. These entities are: VICTORIA Lebensversicherung AG, VICTORIA Versicherung AG, Hamburg-Mannheimer Versicherungs-AG, Hamburg-Mannheimer Sachversicherungs-AG, and DKV Deutsche Krankenversicherung AG. At the same time, Standard&amp;Poor's affirmed its double-'A'-plus counterparty credit rating on the group's holding company, ERGO Versicherungsgruppe AG. The outlook is stable. The gap of one notch between the operating and holding companies is less than the standard three notches because of the holding company's well-balanced, high-quality income stream, and its extremely strong capitalization and financial flexibility. The ratings reflect the companies' status as core subsidiaries of the</spcred:index_entry_excerpt><spcred:index_entry_primcountry xmlns:spcred="http://www.alacra.com/spcred">DEU</spcred:index_entry_primcountry><spcred:index_entry_primgics xmlns:spcred="http://www.alacra.com/spcred">40301020 403010 4030 40</spcred:index_entry_primgics><spcred:index_entry_primissuer xmlns:spcred="http://www.alacra.com/spcred">ERGO Versicherungsgruppe AG</spcred:index_entry_primissuer><spcred:index_entry_primissuerid xmlns:spcred="http://www.alacra.com/spcred">350102</spcred:index_entry_primissuerid><spcred:index_entry_primreg xmlns:spcred="http://www.alacra.com/spcred">EUROMIDAFR</spcred:index_entry_primreg><spcred:index_entry_primticker xmlns:spcred="http://www.alacra.com/spcred">EVG2@GR</spcred:index_entry_primticker><spcred:index_entry_reporttype xmlns:spcred="http://www.alacra.com/spcred">NEWS</spcred:index_entry_reporttype><spcred:index_entry_seccountry 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xmlns:spcred="http://www.alacra.com/spcred">EMERGING</spcred:index_entry_secreg><spcred:index_entry_secreg xmlns:spcred="http://www.alacra.com/spcred">PAC</spcred:index_entry_secreg><spcred:index_entry_secreg xmlns:spcred="http://www.alacra.com/spcred">LATAMERICA</spcred:index_entry_secreg><spcred:index_entry_secreg xmlns:spcred="http://www.alacra.com/spcred">USA</spcred:index_entry_secreg><spcred:index_entry_secreg xmlns:spcred="http://www.alacra.com/spcred">EUROMIDAFR</spcred:index_entry_secreg><spcred:index_entry_secticker xmlns:spcred="http://www.alacra.com/spcred">MUV2@GR</spcred:index_entry_secticker><spcred:index_entry_secticker xmlns:spcred="http://www.alacra.com/spcred">2399Z@GR</spcred:index_entry_secticker><spcred:index_entry_secticker xmlns:spcred="http://www.alacra.com/spcred">VIV@GR</spcred:index_entry_secticker><spcred:index_entry_secticker xmlns:spcred="http://www.alacra.com/spcred">HMVR@GR</spcred:index_entry_secticker><spcred:index_entry_secticker xmlns:spcred="http://www.alacra.com/spcred">2460Z@GB</spcred:index_entry_secticker><spcred:index_entry_secticker xmlns:spcred="http://www.alacra.com/spcred">HVM@GR</spcred:index_entry_secticker><spcred:index_entry_secticker xmlns:spcred="http://www.alacra.com/spcred">DKRNZ@GR</spcred:index_entry_secticker><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">GLOBISS</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">STRUC</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">PUBFIN</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">CORP</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">FI</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">INS</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">ABCP</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">ABS</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">CMBS</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">RMBS</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">CDO</spcred:index_entry_sector><category>Credit &amp; Investment Research</category><alacra:ip>S&amp;P Credit Research</alacra:ip></item><item><link>http://www.alacrastore.com/storecontent/fitch/425401_pr_frame</link><guid isPermaLink="false">fitch/425401_pr_frame</guid><fitch:index_mode xmlns:fitch="http://www.alacra.com/fitch">html</fitch:index_mode><description>Fitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.</description><fitch:company xmlns:fitch="http://www.alacra.com/fitch">ERGO Previdenza Spa</fitch:company><fitch:company xmlns:fitch="http://www.alacra.com/fitch">ERGO Versicherungsgruppe AG</fitch:company><fitch:companyid xmlns:fitch="http://www.alacra.com/fitch">80359570</fitch:companyid><fitch:companyid xmlns:fitch="http://www.alacra.com/fitch">82877926</fitch:companyid><pubDate>7/4/2008 2:13:00 PM</pubDate><fitch:industry xmlns:fitch="http://www.alacra.com/fitch">01010300</fitch:industry><fitch:industry xmlns:fitch="http://www.alacra.com/fitch">01010303</fitch:industry><fitch:price xmlns:fitch="http://www.alacra.com/fitch">85</fitch:price><fitch:report xmlns:fitch="http://www.alacra.com/fitch">Press Release</fitch:report><fitch:ticker xmlns:fitch="http://www.alacra.com/fitch">BV</fitch:ticker><fitch:ticker xmlns:fitch="http://www.alacra.com/fitch">EVG2</fitch:ticker><title>Fitch Changes Ergo Previdenza's Outlook to Negative; Affirms IFS at 'A'</title><fitch:docid xmlns:fitch="http://www.alacra.com/fitch">425401_pr_frame</fitch:docid><category>Credit &amp; Investment Research</category><alacra:ip>Fitch Research</alacra:ip></item><item><link>http://www.alacrastore.com/storecontent/bir/463797</link><guid isPermaLink="false">bir/463797</guid><bir:index_mode xmlns:bir="http://www.alacra.com/bir">norm</bir:index_mode><title>ERGO Versicherungsgruppe AG</title><bir:company xmlns:bir="http://www.alacra.com/bir">ERGO Versicherungsgruppe AG</bir:company><bir:cou xmlns:bir="http://www.alacra.com/bir">Germany</bir:cou><bir:descr xmlns:bir="http://www.alacra.com/bir">Insurance: ERGO Versicherungsgruppe AG is one of the major insurance groups in Europe and Germany. It provides all types of life, annuity and health insurance as well as virtually all branches of property and casualty insurance and legal expenses insuranc</bir:descr><bir:sic xmlns:bir="http://www.alacra.com/bir">6311</bir:sic><bir:ssic xmlns:bir="http://www.alacra.com/bir">6321</bir:ssic><bir:ssic xmlns:bir="http://www.alacra.com/bir">6331</bir:ssic><bir:ssic xmlns:bir="http://www.alacra.com/bir">6351</bir:ssic><bir:ssic xmlns:bir="http://www.alacra.com/bir">6719</bir:ssic><bir:naics xmlns:bir="http://www.alacra.com/bir">524113</bir:naics><bir:snaics xmlns:bir="http://www.alacra.com/bir">524114</bir:snaics><bir:snaics xmlns:bir="http://www.alacra.com/bir">524126</bir:snaics><bir:snaics xmlns:bir="http://www.alacra.com/bir">551112</bir:snaics><bir:class xmlns:bir="http://www.alacra.com/bir">30</bir:class><bir:ticker xmlns:bir="http://www.alacra.com/bir">ERGG</bir:ticker><pubDate>4/9/2008 6:19:00 AM</pubDate><bir:docid xmlns:bir="http://www.alacra.com/bir">463797</bir:docid><category>Company Profiles &amp; Financials</category><alacra:ip>Gale Company Profiles</alacra:ip></item><item><link>http://www.alacrastore.com/storecontent/spcred/628015</link><guid isPermaLink="false">spcred/628015</guid><spcred:index_mode xmlns:spcred="http://www.alacra.com/spcred">norm</spcred:index_mode><title>ERGO Versicherungsgruppe AG</title><description>The latest Full Report from S&amp;P</description><pubDate>1/29/2008 8:30:06 AM</pubDate><spcred:type xmlns:spcred="http://www.alacra.com/spcred">Full Report</spcred:type><spcred:price xmlns:spcred="http://www.alacra.com/spcred">400</spcred:price><spcred:dataset xmlns:spcred="http://www.alacra.com/spcred">global</spcred:dataset><spcred:dataset xmlns:spcred="http://www.alacra.com/spcred">structured</spcred:dataset><spcred:docid xmlns:spcred="http://www.alacra.com/spcred">628015</spcred:docid><spcred:index_entry_dispcountry xmlns:spcred="http://www.alacra.com/spcred">Germany</spcred:index_entry_dispcountry><spcred:index_entry_dispgics xmlns:spcred="http://www.alacra.com/spcred">Life &amp; Health Insurance</spcred:index_entry_dispgics><spcred:index_entry_dispregion xmlns:spcred="http://www.alacra.com/spcred">Europe, Middle East, Africa</spcred:index_entry_dispregion><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Global Issuers</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Structured Finance</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Insurance</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Asset-Backed Securities</spcred:index_entry_dispsector><spcred:index_entry_disptype xmlns:spcred="http://www.alacra.com/spcred">Full Report</spcred:index_entry_disptype><spcred:index_entry_excerpt xmlns:spcred="http://www.alacra.com/spcred">Core to Germany-based global reinsurer Munich Reinsurance Co. Strong competitive position Continued improvements in operating performance Strategic challenges in regaining growth momentum Relatively weaker competitive profile in individual life insurance The ratings on the operating entities of Germany-based primary insurance group ERGO Versicherungsgruppe AG (collectively ERGO; core operating entities rated AA-/Stable/--) solely reflects their core status to Munich Reinsurance Co. (Munich Re; AA-/Stable/--). This status is based on ERGO's sizable contribution to Munich Re's premium income, a strong competitive position, and continued improvements in operating performance in line with Munich Re's expectations. These strengths are partially offset by the strategic challenge it faces to regain growth momentum and its relatively weaker competitive profile in individual life insurance, which is partly</spcred:index_entry_excerpt><spcred:index_entry_primcountry xmlns:spcred="http://www.alacra.com/spcred">DEU</spcred:index_entry_primcountry><spcred:index_entry_primgics xmlns:spcred="http://www.alacra.com/spcred">40301020 403010 4030 40</spcred:index_entry_primgics><spcred:index_entry_primissuer xmlns:spcred="http://www.alacra.com/spcred">ERGO Versicherungsgruppe AG</spcred:index_entry_primissuer><spcred:index_entry_primissuerid xmlns:spcred="http://www.alacra.com/spcred">350102</spcred:index_entry_primissuerid><spcred:index_entry_primreg xmlns:spcred="http://www.alacra.com/spcred">EUROMIDAFR</spcred:index_entry_primreg><spcred:index_entry_primticker xmlns:spcred="http://www.alacra.com/spcred">EVG2@GR</spcred:index_entry_primticker><spcred:index_entry_reporttype xmlns:spcred="http://www.alacra.com/spcred">FULL</spcred:index_entry_reporttype><spcred:index_entry_seccountry xmlns:spcred="http://www.alacra.com/spcred">DEU</spcred:index_entry_seccountry><spcred:index_entry_secgics xmlns:spcred="http://www.alacra.com/spcred">40301020 403010 4030 40</spcred:index_entry_secgics><spcred:index_entry_secgics xmlns:spcred="http://www.alacra.com/spcred">40301030 403010 4030 40</spcred:index_entry_secgics><spcred:index_entry_secgics xmlns:spcred="http://www.alacra.com/spcred">40301050 403010 4030 40</spcred:index_entry_secgics><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">Munich Reinsurance Co.</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">Hamburg-Mannheimer Sachversicherungs-AG</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">VICTORIA Versicherung  AG</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">Hamburg-Mannheimer Versicherungs-AG</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">VICTORIA Lebensversicherung AG</spcred:index_entry_secissuer><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">DKV Deutsche Krankenversicherung AG</spcred:index_entry_secissuer><spcred:index_entry_secissuerid xmlns:spcred="http://www.alacra.com/spcred">118024</spcred:index_entry_secissuerid><spcred:index_entry_secissuerid xmlns:spcred="http://www.alacra.com/spcred">313996</spcred:index_entry_secissuerid><spcred:index_entry_secissuerid xmlns:spcred="http://www.alacra.com/spcred">314488</spcred:index_entry_secissuerid><spcred:index_entry_secissuerid xmlns:spcred="http://www.alacra.com/spcred">326110</spcred:index_entry_secissuerid><spcred:index_entry_secissuerid xmlns:spcred="http://www.alacra.com/spcred">326112</spcred:index_entry_secissuerid><spcred:index_entry_secissuerid xmlns:spcred="http://www.alacra.com/spcred">349848</spcred:index_entry_secissuerid><spcred:index_entry_secreg xmlns:spcred="http://www.alacra.com/spcred">ASIA</spcred:index_entry_secreg><spcred:index_entry_secreg xmlns:spcred="http://www.alacra.com/spcred">EUROMIDAFR</spcred:index_entry_secreg><spcred:index_entry_secticker xmlns:spcred="http://www.alacra.com/spcred">2399Z@GR</spcred:index_entry_secticker><spcred:index_entry_secticker xmlns:spcred="http://www.alacra.com/spcred">VIV@GR</spcred:index_entry_secticker><spcred:index_entry_secticker xmlns:spcred="http://www.alacra.com/spcred">HMVR@GR</spcred:index_entry_secticker><spcred:index_entry_secticker xmlns:spcred="http://www.alacra.com/spcred">2460Z@GB</spcred:index_entry_secticker><spcred:index_entry_secticker xmlns:spcred="http://www.alacra.com/spcred">DKRNZ@GR</spcred:index_entry_secticker><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">GLOBISS</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">STRUC</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">INS</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">ABS</spcred:index_entry_sector><category>Credit &amp; Investment Research</category><alacra:ip>S&amp;P Credit Research</alacra:ip></item><item><link>http://www.alacrastore.com/storecontent/spcred/628017</link><guid isPermaLink="false">spcred/628017</guid><spcred:index_mode xmlns:spcred="http://www.alacra.com/spcred">norm</spcred:index_mode><title>Summary: ERGO Versicherungsgruppe AG</title><description>The latest Summary from S&amp;P</description><pubDate>1/29/2008 8:30:06 AM</pubDate><spcred:type xmlns:spcred="http://www.alacra.com/spcred">Summary</spcred:type><spcred:price xmlns:spcred="http://www.alacra.com/spcred">175</spcred:price><spcred:dataset xmlns:spcred="http://www.alacra.com/spcred">global</spcred:dataset><spcred:dataset xmlns:spcred="http://www.alacra.com/spcred">structured</spcred:dataset><spcred:docid xmlns:spcred="http://www.alacra.com/spcred">628017</spcred:docid><spcred:index_entry_dispcountry xmlns:spcred="http://www.alacra.com/spcred">Germany</spcred:index_entry_dispcountry><spcred:index_entry_dispgics xmlns:spcred="http://www.alacra.com/spcred">Life &amp; Health Insurance</spcred:index_entry_dispgics><spcred:index_entry_dispregion xmlns:spcred="http://www.alacra.com/spcred">Europe, Middle East, Africa</spcred:index_entry_dispregion><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Global Issuers</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Structured Finance</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Insurance</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Asset-Backed Securities</spcred:index_entry_dispsector><spcred:index_entry_disptype xmlns:spcred="http://www.alacra.com/spcred">Summary</spcred:index_entry_disptype><spcred:index_entry_excerpt xmlns:spcred="http://www.alacra.com/spcred">The ratings on the operating entities of Germany-based primary insurance group ERGO Versicherungsgruppe AG (collectively ERGO; core operating entities rated AA-/Stable/--) solely reflects their core status to Munich Reinsurance Co. (Munich Re; AA-/Stable/--). This status is based on ERGO's sizable contribution to Munich Re's premium income, a strong competitive position, and continued improvements in operating performance in line with Munich Re's expectations. These strengths are partially offset by the strategic challenge it faces to regain growth momentum and its relatively weaker competitive profile in individual life insurance, which is partly due to a lack of product innovation. ERGO represents an integral part of the Munich Re group's overall strategy. This is demonstrated by the growing integration of the primary insurance</spcred:index_entry_excerpt><spcred:index_entry_primcountry xmlns:spcred="http://www.alacra.com/spcred">DEU</spcred:index_entry_primcountry><spcred:index_entry_primgics xmlns:spcred="http://www.alacra.com/spcred">40301020 403010 4030 40</spcred:index_entry_primgics><spcred:index_entry_primissuer xmlns:spcred="http://www.alacra.com/spcred">ERGO Versicherungsgruppe AG</spcred:index_entry_primissuer><spcred:index_entry_primissuerid xmlns:spcred="http://www.alacra.com/spcred">350102</spcred:index_entry_primissuerid><spcred:index_entry_primreg xmlns:spcred="http://www.alacra.com/spcred">EUROMIDAFR</spcred:index_entry_primreg><spcred:index_entry_primticker xmlns:spcred="http://www.alacra.com/spcred">EVG2@GR</spcred:index_entry_primticker><spcred:index_entry_reporttype xmlns:spcred="http://www.alacra.com/spcred">SUMMARY</spcred:index_entry_reporttype><spcred:index_entry_seccountry xmlns:spcred="http://www.alacra.com/spcred">DEU</spcred:index_entry_seccountry><spcred:index_entry_secgics xmlns:spcred="http://www.alacra.com/spcred">40301050 403010 4030 40</spcred:index_entry_secgics><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">Munich Reinsurance Co.</spcred:index_entry_secissuer><spcred:index_entry_secissuerid xmlns:spcred="http://www.alacra.com/spcred">118024</spcred:index_entry_secissuerid><spcred:index_entry_secreg xmlns:spcred="http://www.alacra.com/spcred">ASIA</spcred:index_entry_secreg><spcred:index_entry_secreg xmlns:spcred="http://www.alacra.com/spcred">EUROMIDAFR</spcred:index_entry_secreg><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">GLOBISS</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">STRUC</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">INS</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">ABS</spcred:index_entry_sector><category>Credit &amp; Investment Research</category><alacra:ip>S&amp;P Credit Research</alacra:ip></item><item><link>http://www.alacrastore.com/storecontent/spcred/620413</link><guid isPermaLink="false">spcred/620413</guid><spcred:index_mode xmlns:spcred="http://www.alacra.com/spcred">norm</spcred:index_mode><title>ERGO Versicherungsgruppe AG</title><description>The latest Full Report from S&amp;P</description><pubDate>12/17/2007 1:27:48 PM</pubDate><spcred:type xmlns:spcred="http://www.alacra.com/spcred">Full Report</spcred:type><spcred:price xmlns:spcred="http://www.alacra.com/spcred">400</spcred:price><spcred:dataset xmlns:spcred="http://www.alacra.com/spcred">global</spcred:dataset><spcred:dataset xmlns:spcred="http://www.alacra.com/spcred">structured</spcred:dataset><spcred:docid xmlns:spcred="http://www.alacra.com/spcred">620413</spcred:docid><spcred:index_entry_dispcountry xmlns:spcred="http://www.alacra.com/spcred">Germany</spcred:index_entry_dispcountry><spcred:index_entry_dispgics xmlns:spcred="http://www.alacra.com/spcred">Life &amp; Health Insurance</spcred:index_entry_dispgics><spcred:index_entry_dispregion xmlns:spcred="http://www.alacra.com/spcred">Europe, Middle East, Africa</spcred:index_entry_dispregion><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Global Issuers</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Structured Finance</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Insurance</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Asset-Backed Securities</spcred:index_entry_dispsector><spcred:index_entry_disptype xmlns:spcred="http://www.alacra.com/spcred">Full Report</spcred:index_entry_disptype><spcred:index_entry_excerpt xmlns:spcred="http://www.alacra.com/spcred">Financial leverage and fixed-charge coverage ratios to remain comfortably in line with the rating Good liquidity Sustained core status to Munich Reinsurance Co. High dependence on profit transfers from regulated primary insurance entities. The counterparty credit rating on ERGO Versicherungsgruppe AG (ERGO AG) reflects its position as the holding company of the Germany-based primary insurance group, ERGO (core operating entities rated AA-/Stable/--). ERGO, in turn, is a core part of Munich Reinsurance Co. (Munich Re; AA-/Stable/--). The rating on ERGO AG is supported by financial leverage and interest and fixed-charge coverage that are expected to remain well in line with the rating, good liquidity, and the steady improvement in ERGO's operating performance. The key factor constraining the ratings is the</spcred:index_entry_excerpt><spcred:index_entry_primcountry xmlns:spcred="http://www.alacra.com/spcred">DEU</spcred:index_entry_primcountry><spcred:index_entry_primgics xmlns:spcred="http://www.alacra.com/spcred">40301020 403010 4030 40</spcred:index_entry_primgics><spcred:index_entry_primissuer xmlns:spcred="http://www.alacra.com/spcred">ERGO Versicherungsgruppe AG</spcred:index_entry_primissuer><spcred:index_entry_primissuerid xmlns:spcred="http://www.alacra.com/spcred">350102</spcred:index_entry_primissuerid><spcred:index_entry_primreg xmlns:spcred="http://www.alacra.com/spcred">EUROMIDAFR</spcred:index_entry_primreg><spcred:index_entry_primticker xmlns:spcred="http://www.alacra.com/spcred">EVG2@GR</spcred:index_entry_primticker><spcred:index_entry_reporttype xmlns:spcred="http://www.alacra.com/spcred">FULL</spcred:index_entry_reporttype><spcred:index_entry_seccountry xmlns:spcred="http://www.alacra.com/spcred">DEU</spcred:index_entry_seccountry><spcred:index_entry_secgics xmlns:spcred="http://www.alacra.com/spcred">40301050 403010 4030 40</spcred:index_entry_secgics><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">Munich Reinsurance Co.</spcred:index_entry_secissuer><spcred:index_entry_secissuerid xmlns:spcred="http://www.alacra.com/spcred">118024</spcred:index_entry_secissuerid><spcred:index_entry_secreg xmlns:spcred="http://www.alacra.com/spcred">ASIA</spcred:index_entry_secreg><spcred:index_entry_secreg xmlns:spcred="http://www.alacra.com/spcred">EUROMIDAFR</spcred:index_entry_secreg><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">GLOBISS</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">STRUC</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">INS</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">ABS</spcred:index_entry_sector><category>Credit &amp; Investment Research</category><alacra:ip>S&amp;P Credit Research</alacra:ip></item><item><link>http://www.alacrastore.com/storecontent/spcred/620416</link><guid isPermaLink="false">spcred/620416</guid><spcred:index_mode xmlns:spcred="http://www.alacra.com/spcred">norm</spcred:index_mode><title>Summary: ERGO Versicherungsgruppe AG</title><description>The latest Summary from S&amp;P</description><pubDate>12/17/2007 1:27:48 PM</pubDate><spcred:type xmlns:spcred="http://www.alacra.com/spcred">Summary</spcred:type><spcred:price xmlns:spcred="http://www.alacra.com/spcred">175</spcred:price><spcred:dataset xmlns:spcred="http://www.alacra.com/spcred">global</spcred:dataset><spcred:dataset xmlns:spcred="http://www.alacra.com/spcred">structured</spcred:dataset><spcred:docid xmlns:spcred="http://www.alacra.com/spcred">620416</spcred:docid><spcred:index_entry_dispcountry xmlns:spcred="http://www.alacra.com/spcred">Germany</spcred:index_entry_dispcountry><spcred:index_entry_dispgics xmlns:spcred="http://www.alacra.com/spcred">Life &amp; Health Insurance</spcred:index_entry_dispgics><spcred:index_entry_dispregion xmlns:spcred="http://www.alacra.com/spcred">Europe, Middle East, Africa</spcred:index_entry_dispregion><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Structured Finance</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Global Issuers</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Insurance</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Asset-Backed Securities</spcred:index_entry_dispsector><spcred:index_entry_disptype xmlns:spcred="http://www.alacra.com/spcred">Summary</spcred:index_entry_disptype><spcred:index_entry_excerpt xmlns:spcred="http://www.alacra.com/spcred">The counterparty credit rating on ERGO Versicherungsgruppe AG (ERGO AG) reflects its position as the holding company of the Germany-based primary insurance group, ERGO (core operating entities rated AA-/Stable/--). ERGO, in turn, is a core part of Munich Reinsurance Co. (Munich Re; AA-/Stable/--). The rating on ERGO AG is supported by financial leverage and interest and fixed-charge coverage that are expected to remain well in line with the rating, good liquidity, and the steady improvement in ERGO's operating performance. The key factor constraining the ratings is the high dependence on profit transfers from regulated primary insurance operations. The two-notch differential between the counterparty credit rating on ERGO AG and ERGO's core primary operating entities recognizes the subordination of the holding</spcred:index_entry_excerpt><spcred:index_entry_primcountry xmlns:spcred="http://www.alacra.com/spcred">DEU</spcred:index_entry_primcountry><spcred:index_entry_primgics xmlns:spcred="http://www.alacra.com/spcred">40301020 403010 4030 40</spcred:index_entry_primgics><spcred:index_entry_primissuer xmlns:spcred="http://www.alacra.com/spcred">ERGO Versicherungsgruppe AG</spcred:index_entry_primissuer><spcred:index_entry_primissuerid xmlns:spcred="http://www.alacra.com/spcred">350102</spcred:index_entry_primissuerid><spcred:index_entry_primreg xmlns:spcred="http://www.alacra.com/spcred">EUROMIDAFR</spcred:index_entry_primreg><spcred:index_entry_primticker xmlns:spcred="http://www.alacra.com/spcred">EVG2@GR</spcred:index_entry_primticker><spcred:index_entry_reporttype xmlns:spcred="http://www.alacra.com/spcred">SUMMARY</spcred:index_entry_reporttype><spcred:index_entry_seccountry xmlns:spcred="http://www.alacra.com/spcred">DEU</spcred:index_entry_seccountry><spcred:index_entry_secgics xmlns:spcred="http://www.alacra.com/spcred">40301050 403010 4030 40</spcred:index_entry_secgics><spcred:index_entry_secissuer xmlns:spcred="http://www.alacra.com/spcred">Munich Reinsurance Co.</spcred:index_entry_secissuer><spcred:index_entry_secissuerid xmlns:spcred="http://www.alacra.com/spcred">118024</spcred:index_entry_secissuerid><spcred:index_entry_secreg xmlns:spcred="http://www.alacra.com/spcred">EUROMIDAFR</spcred:index_entry_secreg><spcred:index_entry_secreg xmlns:spcred="http://www.alacra.com/spcred">ASIA</spcred:index_entry_secreg><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">STRUC</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">GLOBISS</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">INS</spcred:index_entry_sector><spcred:index_entry_sector xmlns:spcred="http://www.alacra.com/spcred">ABS</spcred:index_entry_sector><category>Credit &amp; Investment Research</category><alacra:ip>S&amp;P Credit Research</alacra:ip></item></channel></rss>