Muenchener Rueckversicherungs Gesellschaft AG http://www.alacrastore.com/company-snapshot/Muenchener_Rueckversicherungs_Gesellschaft_AG-500243 Friday, July 25, 2008 6:23:53 PM 500243 Muenchener Rueckversicherungs Gesellschaft AG en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/cs/72242cs/72242norm Munich Re: Equities Bite Back (And It's Not Alone) Munich Re has warned that its #### profits will be lower than expected because of valuation falls in its equity investment portfolio Full-year net income is expected to be below the...1664361376365corp72193102781464067Earnings Reports - Financials7/25/2008 7:05:24 AM150Munich Re'swarning shocked the market in European insurance stocks, although others had given the heads-up that equity impairments were coming. We summarise equity allocation at the major companies and compare this with the price action.722421050YesD0Article1143166551737479772242Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/fitch/393272_report_framefitch/393272_report_framepdfFitch 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.Muenchener Rueckversicherungs Gesellschaft AGMunich Reinsurance America, Inc80361292821451307/16/2008 2:15:48 PM0101030001010309425Full Rating ReportMUV2393272_report_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/spcred/264077spcred/264077normThe latest News from S&Pglobalstructuredpubfin7/8/2008 2:56:13 AM100News264077GermanyReinsuranceAsiaEurope, Middle East, AfricaGlobal IssuersStructured FinancePublic FinanceCorporationsFinancial InstitutionsInsuranceAsset-Backed Commercial PaperAsset-Backed SecuritiesCommercial MBSResidential MBSCollateralized Debt ObligationsNewsFRANKFURT (Standard&Poor's) Sept. 10, 2002--Standard&Poor's Ratings Services said today it removed its triple-'A' long-term counterparty credit and insurer financial strength ratings on leading global reinsurer Munich Reinsurance Co. (Munich Re) and core subsidiaries from CreditWatch, where they were placed on July 10, 2002, following Munich Re's announcement that reserves at American Re-Insurance Co. (AmRe) and for World Trade Center-related claims had to be strengthened by €2.0 billion and €0.5 billion, respectively. At the same time, Standard&Poor's affirmed its ratings on Munich Re and core subsidiaries. The outlook is negative. "The negative outlook reflects concerns about the deterioration in the level of capitalization, which has been affected by weak capital markets, and the still-suffering earnings,DEU40301050 403010 4030 40Munich Reinsurance Co.118024ASIAEUROMIDAFRMUV2@GRNEWSUSADEU0292130727C0D0807YD08082D0816ED0816HD4949YD494A0D0756DD0816B0727C1D8491T018805D0816CD0816D40301050 403010 4030 4040101010 401010 4010 4040301030 403010 4030 40Munich Reins America Inc.Allianz SEBayerische Hypo- und Vereinsbank AG110806116877327063PACASIAEMERGINGUSAEUROMIDAFRLATAMERICA18127ZALV@GRHVM@GRGLOBISSSTRUCPUBFINCORPFIINSABCPABSCMBSRMBSCDOCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/204106spcred/204106normThe latest News from S&Pglobalstructuredpubfin7/8/2008 2:56:07 AM100News204106GermanyReinsuranceAsiaEurope, Middle East, AfricaGlobal IssuersStructured FinancePublic FinanceCorporationsFinancial InstitutionsInsuranceAsset-Backed Commercial PaperAsset-Backed SecuritiesCommercial MBSResidential MBSCollateralized Debt ObligationsNewsLONDON (Standard&Poor's CreditWire) Aug. 3, 2001—-Standard&Poor's today affirmed its triple-'A' long-term counterparty credit and insurer financial strength ratings on leading global reinsurer, Munich Reinsurance Co. (MRC) and all core reinsurance members of the Munich Reinsurance group, as well as the core members of the ERGO Group (collectively Munich Re; see list). The outlook is stable. The ratings on MRC and other reinsurance units are based on Munich Re's unsurpassed global business position, supreme capital strength, and extremely strong financial flexibility. The triple-'A' ratings on American Re-Insurance Co. and Munich Reinsurance Co. of Australasia Ltd. also reflect explicit support from MRC. Partially offsetting these strengths is the group's overall operating performance, which is strong, but less thanDEU40301050 403010 4030 40Munich Reinsurance Co.118024ASIAEUROMIDAFRMUV2@GRNEWSCHECANUSADEUGBRITAAUS01880502381#0727C1D0807YD08082D0816DD4949Y029162029163029213D0816HD0816CD0816ED494A0D8491T0727C0D0756DD0816B40301040 403010 4030 4040301020 403010 4030 4040301050 403010 4030 4040101010 401010 4010 4040301030 403010 4030 40Munich Reins America Inc.Allianz SEMunich Re America Corp.Munich American Reassurance Co.American Alternative Insurance Corp.American Re CapitalMunich Reinsurance Co. of Australasia Ltd.Great Lakes Reinsurance (U.K.) PLCHamburg-Mannheimer Sachversicherungs-AGMunich Reinsurance Co. of CanadaVICTORIA Versicherung AGMuenchener Rueck Italia SpANew Reinsurance Co.Hamburg-Mannheimer Versicherungs-AGVICTORIA Lebensversicherung AGBayerische Hypo- und Vereinsbank AGDKV Deutsche Krankenversicherung AGERGO Versicherungsgruppe AG110806116877120499122762123785302251307724313976313996314195314488316658316659326110326112327063349848350102ASIAEMERGINGEUROMIDAFRPACCANLATAMERICAUSA18127ZALV@GRARNMUV2@GR15862Z15824Z1466Z@AU1796Z@LN2399Z@GRMUV2@GRVIV@GRMUV2@GRMUV2@GRHMVR@GR2460Z@GBHVM@GRDKRNZ@GREVG2@GRGLOBISSSTRUCPUBFINCORPFIINSABCPABSCMBSRMBSCDOCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/fitch/425447_pr_framefitch/425447_pr_framehtmlFitch 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.Muenchener Rueckversicherungs Gesellschaft AGMunich Re America Corporation Group80361292836328737/7/2008 10:13:00 AM0100000001010000010103000101030985Press ReleaseMUV2425447_pr_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/cs/71336cs/71336norm Euro Insurance Capital: Hard to Measure, But Under Pressure Although banks have been taking the limelight, we think some of the focus on capitalisation should shift to the insurance sector Available-for-Sale and foreign exchange translation...1901YesDArticle3741665114379751736137636516641735corp41937872102146407/7/2008 12:05:00 AM150A look at how excess capital at Europe's insurance companies has been eroded. In 2Q08 the process will have continued, and equity impairments are likely to be a feature of the second half, hitting the income statement and the headlines.07133671336Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/fitch/425399_pr_framefitch/425399_pr_framehtmlFitch 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.Muenchener Rueckversicherungs Gesellschaft AGMunich Re America Corporation Group80361292836328737/4/2008 2:13:00 PM0100000001010000010103000101030985Press ReleaseMUV2425399_pr_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/fitch/425400_pr_framefitch/425400_pr_framehtmlFitch 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.Dkv Deutsche Krankenversicherung AgHamburg-Mannheimer Versicherungs AGMuenchener Rueckversicherungs Gesellschaft AGVICTORIA Lebensversicherung AGVorsorge Lebensversicherung Ag80361292813018508130185381301856859124737/4/2008 2:13:00 PM010103000101030985Press ReleaseMUV2425400_pr_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/moodys/PBC_109514moodys/PBC_109514pdf...Munich Reinsurance Company ( Munich Re ) is based in Munich, Germany. Munich Re is one of the leading global reinsurers and its activities encompass Property & Casualty reinsurance (##% of revenues in ####), Life & Health reinsurance (##%), Property & Casualty primary insurance (##%) and Life & Health primary insurance (##%). Munich Re s primary insurers essentially comprise the ERGO Insurance Group, which generates around ##% of Munich Re s premium volume in this segment, Europ ische Reiseversicherung and the Watkins Syndicate. ERGO in cludes insurance companies Hamburg-Mannheimer, Victoria, Deutscher Automobil Schutz and Deutsche Krankenversicherung. The Munich Re Group has combined all its asset management activities at MEAG MUNICH ERGO AssetManagement GmbH, which at YE## managed investments totaling EUR ###.# billion (EUR ###.# billion) , thereof EUR #.# billion third party business. The company generates the major part of its revenues in Europe (##% of gross premiums... 7/4/2008 12:15:02 PMpdfMunich Reinsurance CompanyMunich Reinsurance Company600044381550.0000SpecialReportCompany ProfilePBC_109514Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/spcred/188764spcred/188764normThe latest News from S&Pglobalstructuredpubfin7/4/2008 2:54:00 AM100News188764GermanyReinsuranceAsiaEurope, Middle East, AfricaGlobal IssuersStructured FinancePublic FinanceCorporationsFinancial InstitutionsInternational Public FinanceInsuranceAsset-Backed Commercial PaperAsset-Backed SecuritiesCommercial MBSResidential MBSCollateralized Debt ObligationsNewsLONDON (Standard&Poor's CreditWire) April 3, 2001--Standard&Poor's today affirmed its triple-'A' counterparty credit, insurer financial strength, and senior unsecured ratings on Munich Reinsurance Co. (Munich Re) and its core subsidiaries. The outlook is stable. A complete list of ratings is available on RatingsDirect, Standard&Poor's Web-based credit analysis system, or by calling the Standard&Poor's ratings desk on London (44) 20-7826-3540. The ratings affirmation is in response to the group's confirmation on April 1, 2001, that Munich Re and Allianz AG (AAA/Watch Neg/A-1+) will continue to sell off each other's shareholdings beyond the date set out in the first announcement last May, which is expected to benefit Munich Re. The sell-off is related to theDEU40301050 403010 4030 40Munich Reinsurance Co.118024ASIAEUROMIDAFRMUV2@GRNEWSDEU261561D0553JD0807YD08082D0816BD2303HD2304KD230BAD230BLD230MWD0553HD0553ND0816DD23002D23005D2301CD2305FD2309FD230B00188050727C00727C150154MD0816HD22997D2305UD230AWD230BCD494A0G2839A26156TD0553MD05544D0756DD0816CD0816ED4949YD8491T40101010 401010 4010 4040301030 403010 4030 40Dresdner Bank AGAllianz SEBayerische Hypo- und Vereinsbank AG100695116877327063USAASIALATAMERICAEMERGINGEUROMIDAFRPACDRB@GRALV@GRHVM@GRGLOBISSSTRUCPUBFINCORPFIGOVSINSABCPABSCMBSRMBSCDOCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/305095spcred/305095normThe latest Research Update from S&Pglobalstructuredpubfin7/4/2008 2:54:00 AM175Research Update305095GermanyReinsuranceAsiaEurope, Middle East, AfricaGlobal IssuersStructured FinancePublic FinanceCorporationsFinancial InstitutionsInternational Public FinanceInsuranceAsset-Backed Commercial PaperAsset-Backed SecuritiesCommercial MBSResidential MBSCollateralized Debt ObligationsResearch UpdateOn March 27, 2003, Standard&Poor's Ratings Services lowered its long-term ratings, including its counterparty credit and insurer financial strength ratings, on Germany-based leading global reinsurer Munich Reinsurance Co. (MRC) and the core insurance and reinsurance subsidiaries of the Munich Re group (Munich Re) to 'AA-' from 'AA+'. The outlook is negative. At the same time, Standard&Poor's lowered its long-term counterparty credit rating on subholding company ERGO Versicherungsgruppe AG (ERGO) to 'A+' from 'AA'. The outlook on ERGO is negative. In addition, Standard&Poor's lowered its long-term counterparty credit and insurer financial strength ratings on American Re-Insurance Co. to 'A+' from 'AA-'. The outlook is negative. The rating actions follow Munich Re's preliminary 2002 earnings releaseDEU40301050 403010 4030 40Munich Reinsurance Co.118024ASIAEUROMIDAFRMUV2@GRRESUPDITADEUUSACHEGBRCANAUS50154MD05544D0756DD0807YD08082D0816BD158CAD2305FD2305UD230B00188050727C1D0553ND0816CD0816ED158JND23005D2301CD2304KD2309FD230MWD8491TG2839A02381#02921320259726156T46630TD0553MD0816DD22997D230AWD230BLD4949Y0291620291630727C0261561D0553HD0553JD0816HD158FHD23002D2303HD230BAD230BCD494A040101010 401010 4010 4040301030 403010 4030 4040301050 403010 4030 4040301020 403010 4030 4040301040 403010 4030 40Dresdner Bank AGCommerzbank AGMunich Reins America Inc.Allianz SEMunich Re America Corp.Munich American Reassurance Co.American Alternative Insurance Corp.American Re CapitalMunich Reinsurance Co. of Australasia Ltd.Great Lakes Reinsurance (U.K.) PLCHamburg-Mannheimer Sachversicherungs-AGMunich Reinsurance Co. of CanadaVICTORIA Versicherung AGMuenchener Rueck Italia SpANew Reinsurance Co.Hamburg-Mannheimer Versicherungs-AGVICTORIA Lebensversicherung AGBayerische Hypo- und Vereinsbank AGDKV Deutsche Krankenversicherung AGERGO Versicherungsgruppe AGD.A.S. Rechtsschutz-Versicherungs-AG (Unsolicited Ratings)100695107128110806116877120499122762123785302251307724313976313996314195314488316658316659326110326112327063349848350102365546CANASIAEMERGINGEUROMIDAFRUSALATAMERICAPACDRB@GRCBK@GR18127ZALV@GRARNMUV2@GR15862Z15824Z1466Z@AU1796Z@LN2399Z@GRMUV2@GRVIV@GRMUV2@GRMUV2@GRHMVR@GR2460Z@GBHVM@GRDKRNZ@GREVG2@GRMUV2@GRGLOBISSSTRUCPUBFINCORPFIGOVSINSABCPABSCMBSRMBSCDOCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/moodys/PBC_109442moodys/PBC_109442pdf...Moody's Aa# insurance financial strength ra ting (IFSR) of Munich Re is supported by its excellent business franchise with an extremely strong market position in global reinsurance, strong business divers ification, excellent capital adequacy and financial flexibility, together with conservative management practices. The strengths are off-set somewhat by a prof itability record, notwithstanding recent improvements, that to-date has been inconsis tent with its rating level, and by the challenge of reserve estimation in certain long-tail lines of business. ... 6/16/2008 8:16:36 PMpdfMunich Reinsurance CompanyMunich Reinsurance Company600044381300.0000AnalysisAnalysisPBC_109442Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/cs/69602cs/69602norm Munich Re #Q## Tearsheet Munich Re CDS now trades at among the tightest levels for European insurers. Its new-found defensive mantle could slip if there is a recurrence of major catastrophe losses, but its status does appear largely...69602534YesC21Tearsheet517tearsheets/premium406/4/2008 5:05:12 PM15069602Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/moodys/PR_154866_820923646moodys/PR_154866_820923646htmlGlobal Credit Research Rating Action ## MAY #### Rating Action: Muenchener Rueck do Brasil Resseguradora S.A. Moody's rates Munich Re's Brazilian subsidiary A#/Aaa.br First-time reinsurance rating in Brazil New York, May ##, #### --...5/28/2008 12:47:06 AMhtmlMuenchener Rueck do Brasil Resseguradora S.A.Munich Reinsurance CompanyMunich Reinsurance GroupMuenchener Rueck do Brasil Resseguradora S.A.; Munich Reinsurance Company; Munich Reinsurance Group820923646600044381600017281150.0000NewsRating ActionPR_154866_820923646Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/moodys/PR_154868_820923646moodys/PR_154868_820923646htmlGlobal Credit Research Rating Action ## MAY #### Rating Action: Muenchener Rueck do Brasil Resseguradora S.A. Moody's atribui ratings A#/Aaa.br subsidiria brasileira da Munich Re Primeiro rating de resseguradora no Brasil. Sao Paulo,...5/28/2008 12:47:06 AMhtmlMuenchener Rueck do Brasil Resseguradora S.A.Munich Reinsurance CompanyMunich Reinsurance GroupMuenchener Rueck do Brasil Resseguradora S.A.; Munich Reinsurance Company; Munich Reinsurance Group820923646600044381600017281150.0000NewsRating ActionPR_154868_820923646Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/cs/69113cs/69113norm Euro Financial Movers: A Chill Wind A dose of reality or the usual profit-taking after a rally? Share prices and credit spreads both took a step backwards last week Confirmation of huge losses for UBS was probably a lesser concern...691131459YesD0Article1203178717891924114335651779732912163883603641665367357362373365975376corp19341695721021467846354060Financial Movers5/12/2008 12:06:46 AM150The recovery of the previous few weeks stalled as markets reassessed the near term earnings prospects for banks and insurers69113Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/ccbn/T1755363ccbn/T1755363norm... - Munich Re Group - Head of IR Welcome to the Munich Re analysts' conference. Welcome on such a sunny day. A couple of housekeeping issues before we get started. Basically, today we have four presentations and afterwards we have the opportunity for Q&A, both from the room as well as from the telephone, and I expect that Q&A round to start at around #.##. Now, the formal part of the presentation, including ... 5/9/2008 10:07:00 AMMunich Re Group AG54.0000FinalQ1 2008 Munich Re Group AG Earnings Presentation TranscriptMUV2.F1:00pm CETTranscriptT1755363Credit & Investment ResearchThomson Street Eventshttp://www.alacrastore.com/storecontent/cs/67035cs/67035norm Munich Re FY## Tearsheet Munich Re CDS now trades at among the tightest levels for all European financial issuers. Its new-found defensive mantle could slip if there is a recurrence of major catastrophe losses, but its status does appear...67035563YesC21Tearsheet517tearsheets/premium404/1/2008 11:05:00 AM15067035Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/67024cs/67024norm European Financials CDS Tracker: Spring Tides We publish a new set of recommendations and review the three-month performance of the last series A lot of single names underperformed over the past few days, as their spreads failed to...670241947YesD0Article3773581203517359367373166535611433883297971216374389193920103604483641276361655128712861664376375365386355156236297516773573661199corp193724100781641461861610240463564CDS Relative Value Tracker3/26/2008 11:06:00 PM150Our regular three-monthly review of recommendations in five-year subordinated CDS - after the iTraxx roll to Series 9 and the post-Easter market reopening in Europe.67024Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/66127cs/66127norm European Insurers: Asset Exposure Summary - Part # We summarise asset-side exposures for the European insurers in iTraxx that have reported FY## earnings so far: Allianz, Aviva, AXA, Munich Re, Swiss Re and Zurich There are not obvious...661272568YesD0Article3745177973283653611664corp47278193403/6/2008 1:11:42 AM150A round-up of disclosures so far on overall asset allocations and problem exposures from the six European iTraxx insurers that have reported so far: Allianz, Aviva, AXA, Munich Re, Swiss Re and Zurich.66127Credit & Investment ResearchCreditSights