Fitch Ratings - Fitch assigns Condor Allgemeine, Condor Leben, and Optima Versicherung IFS 'A'

Store this angel in big sizeFitch Ratings has assigned German insurer Condor Allgemeine Versicherungs-AG (CA), Condor Lebensversicherungs-AG (CL) and Optima Versicherungs-AG (Optima Vers.) Insurer Financial Strength (IFS) ratings of 'A'. Fitch angle CA, CL and Optima Vers. as amount entities -of Condor group. The Outlooks for all the ratings are Stable. At the aforementioned time, the agency has assigned the companies the Fitch Financial-Strength-Seal, which is alone accustomed to financially able insurers.
"The ratings reflect the actual able capitalisation and actual able reserving of the Condor accumulation and its entities, as able-bodied as their profit-focussed underwriting discipline," says Christos Stavrianidis, Analyst in Fitch's Insurance Group. "Additionally, CL has recorded a acceptable blooper arrangement and has accustomed an aloft boilerplate armamentarium for approaching appropriation. Partly offsetting these absolute appraisement factors are the almost anemic new business advance and the almost baby admeasurement of the group, as able-bodied as the above-average amount ratios," says Tim Ockenga, Director in Fitch's Insurance Group.
The Condor allowance accumulation is endemic by the German amassed Oetker, which had 22,000 advisers and absolute revenues of EUR7.1bn in 2006 (excluding the banking account business). CA is the captivation aggregation of the Condor allowance companies. The accumulation derives its allowance business alone admitting the absolute banking adviser channel. The Condor accumulation offers both bartering and clandestine activity and non-life allowance products. The accumulation aswell includes the Optima Pensionskasse AG, a provider of unzillmerised alimony products.
CA generated gross accounting premiums (GWP) of EUR88.9m in 2006 (2005: EUR92.2m) and has an aloft boilerplate (compared to the industry) acknowledgment to the transport, blaze and abstruse allowance lines. The aggregation has a below boilerplate acknowledgment to motor insurance. CA follows a austere profit-oriented underwriting policy, which resulted in a bigger than boilerplate accumulated arrangement in 2006, partly accurate by the run-off of actual able claims reserves.
CL, with GWP of EUR211.9m in 2006 (2005: EUR210.2m), is the better article of the Condor group. The activity insurer has a able capitalisation, as reflected by an aloft boilerplate assets arrangement (defined to cover the sum of disinterestedness and the armamentarium for approaching appropriation). In addition, Fitch angle CL's reserving to be actual prudent, which reinforces the company's banking strength. With 4.0%, CL aswell has a bigger blooper arrangement than the market. However, partly absorption the company's action of accouterment top account levels, the all-embracing amount arrangement of 4.4% and accretion amount arrangement of 6.3% are both hardly aloft the bazaar average.
Optima Vers. generated GWP of EUR27.1m in 2006 (2005: EUR26.8m). The insurer is about absolutely focussed on motor insurance, and due to low amount ratios, was able to accomplish a actual acceptable accumulated arrangement of 93.7% in 2006.
Fitch expects the Condor accumulation to advance its top banking backbone and abiding premiums above the group, as able-bodied as able new business in activity insurance.

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