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COLOGNE, GermanyA.M. Best Co. said Wednesday it had assigned a financial strength rating of B++ (Good) to Germany's Delvag Luftfahrtversicherungs-A.G. and its subsidiary, Delvag Rueckversicherungs-AG.
All ratings were assigned a stable outlook, said Oldwick, N.J.-based Best.
Delvag and Delvag Rueck, based in Cologne, are Lufthansa Airlines' primary and reinsurance captives. The captives also accept third-party business to diversify their portfolios.
The factors leading to the ratings include Delvag's "adequate risk-adjusted capitalization and excellent operating performance," Best said. "The ratings of Delvag Rueck benefit from a partial rating enhancement from the profit and loss absorption agreement with Delvag, its immediate parent."