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.

Fitch Ratings
60311 Frankfurt
++49 69/768076-0
Mail: news@fitch-makler.de
Web: www.fitchratings.com

Fitch Ratings is a arch all-around abounding account appraisement agency committed to accouterment the
world’s acclaim markets with absolute and -to-be acclaim opinions, analysis and data. Built on a foundation of amoebic advance and cardinal acquisitions, Fitch has developed rapidly during the accomplished decade, accretion its bazaar attendance and accepting bazaar allotment throughout the apple and above all anchored assets markets.

Fitch is dual-headquartered in New York and London, has operating offices and collective ventures in added than 50 locations and covers entities in over 100 countries. In October 2006, Fitch accustomed Derivative Fitch, a appraisement agency committed to accouterment ratings and a apartment of absolute casework for the CDO and acclaim derivatives markets. Fitch Training, a arch provider of analytic training for banking professionals is addition wholly-owned accessory of Fitch.

Fitch Ratings and Derivative Fitch are allotment of the Fitch Group, a majority-owned
subsidiary of Fimalac, S.A., which is headquartered in Paris, France. In 2006, Hearst
Corporation acquired a 20 percent pale in the Fitch Group.

In Germany, Fitch Ratings has had an appointment in Frankfurt on Main back 1999. Currently, the Frankfurt appointment has a agents of over thirtyfive professionals.

AVIAREPS AG - Condor expands affairs with AVIAREPS

The Airline Management Company represents the German leisure airline in 5 added markets

Condor has broadcast its affairs with AVIAREPS for 5 added markets with actual effect. The Airline Management Company will represent Condor in all sales and business activities in the United Kingdom, Norway, Sweden, Denmark and Poland. Besides these new markets AVIAREPS already works as General Sales Agent for Condor in the markets of Austria, Switzerland, Belgium, France, Italy, Hungary and the Czech Republic.

Condor is one of the arch leisure airlines in the world. Existing back 1955, today the carrier offers flights to added than 60 all-embracing destinations in Europe, Asia, Africa, North and South America and the Caribbean and Indian Ocean. With their agile of 14 Airbus A320, nine Boeing 767-300, one Boeing 757-200 and 13 Boeing 757-300 all flight operations are offered with avant-garde and top above aircrafts. Besides Condor cooperates with assorted accomplice airlines such as Lufthansa, Germanwings and SunExpress. Like this, cartage can aswell use the vantages of accomplice programs, for archetype the Miles & More affairs of Lufthansa.

For added advice about Condor in the new markets:
Office UK (General Manager Mitchell Hawes):
Golden Cross House
Duncannon Street
London WC2N 4JF
United Kingdom

Tel: +44 870 777 7633
Sales.UK@condor.com
Reservations.UK@condor.com

Office Scandinavia (General Manager Johnny Gardsaeter):
Riddargatan 17
11457 Stockholm
Scandinavia

Tel: +46 8 54 525 939
Sales.Scandinavia@condor.com
Reservations.Scandinavia@condor.com

Office Poland (General Manager Marek Slawatyniek):
Ul. Sienna 72, Apt 3
00-833 Warsaw
Poland

Tel: + 48 22 631 1084
Sales.Poland@condor.com
Reservations.Poland@condor.com

Contact Information:
AVIAREPS
Hessenring 32
64546 Mörfelden-Walldorf
Germany

Contact Person:
Nadja Frank
PR Manager
Tel. +49 (0)6105 20 62 08
Email: nfrank@aviareps.com

With an all-encompassing appointment arrangement in over 30 countries, AVIAREPS is advised one of the a lot of acknowledged common airline representation companies. Approximately 65 all-embracing carriers assurance in AVIAREPS' long-running experience, professionalism and absolute contacts. The acceptable GSA plan has been adapted aural AVIAREPS into an airline administration character, area a allotment of the sales, marketing, alarm center, admission fulfilment duties, added areas like IT and Network Management, Financial Services, PR Management, BSP/IBCS Management and Yield Optimisation became a abundant agency of the account portfolio. With a common different Performance Guarantee, AVIAREPS has benchmarked itself a allotment of all its competitors.

Further information: www.condor.de – www.aviareps.com – www.news-plus.net