Nürnberger Beteiligungs-AG http://www.alacrastore.com/company-snapshot/Nurnberger_Beteiligungs_AG-1041497 Monday, October 06, 2008 7:05:10 PM 1041497 Nürnberger Beteiligungs-AG en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/spcred/629924spcred/629924normThe latest Summary from S&P2/8/2008 8:29:26 AMSummary175global629924GermanyMulti-line InsuranceEurope, Middle East, AfricaGlobal IssuersInsuranceSummaryThe counterparty credit rating on Nuernberger Beteiligungs-Aktiengesellschaft (NBG) reflects its position as the holding company for the Germany-based Nürnberger insurance group. The ratings on NBG are derived from its full ownership of the core operating entities Nuernberger Lebensversicherung AG (NLV; A/Negative/--), and Nuernberger Allgemeine Versicherungs-AG (NAV; A/Negative/--). Moreover, the rating is based on NBG's option to divert dividends from operating companies, the group's sound technical performance, and NBG's good stand-alone liquidity profile. Offsetting these strengths is reduced financial flexibility (defined as the ability to source capital relative to capital requirements) as well as limited earnings potential and cash flow diversity because of its position as a domestic player. The two-notch differential between the rating on the holding company and theDEU40301030 403010 4030 40Nuernberger Beteiligungs-AG340882EUROMIDAFRNBG6@GRSUMMARYDEU40301030 403010 4030 4040301040 403010 4030 40Nuernberger Allgemeine Versicherungs-AGNuernberger Lebensversicherung AG306775320298EUROMIDAFR1113Z@GR2719Z@GRGLOBISSINSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/629932spcred/629932normThe latest Full Report from S&P2/8/2008 8:29:26 AMFull Report400global629932GermanyMulti-line InsuranceEurope, Middle East, AfricaGlobal IssuersInsuranceFull ReportOption to divert dividends from operating subsidiaries Sound technical performance Good holding liquidity profile Reduced financial flexibility Some lack of earnings and cash flow diversity The counterparty credit rating on Nuernberger Beteiligungs-Aktiengesellschaft (NBG) reflects its position as the holding company for the Germany-based Nürnberger insurance group. The rating on NBG is derived from its full ownership of the core operating entities Nuernberger Lebensversicherung AG (NLV; A/Negative/--), and Nuernberger Allgemeine Versicherungs-AG (NAV; A/Negative/--). Moreover, the rating is based on NBG's option to divert dividends from operating companies, the group's sound technical performance, and NBG's good stand-alone liquidity profile. Offsetting these strengths is reduced financial flexibility (defined as the ability to source capital relative to capital requirements) as well as limited earningsDEU40301030 403010 4030 40Nuernberger Beteiligungs-AG340882EUROMIDAFRNBG6@GRFULLDEU40301030 403010 4030 4040301040 403010 4030 40Nuernberger Allgemeine Versicherungs-AGNuernberger Lebensversicherung AG306775320298EUROMIDAFR1113Z@GR2719Z@GRGLOBISSINSCredit & Investment ResearchS&P Credit Research