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LONDONThe London office of Oldwick, New Jersey-based rating agency A.M. Best Co. Inc. has affirmed the A financial strength ratings of German industrial insurers HDI Industrie Versicherung A.G.based in Hanoverand Gerling-Konzern Allgemeine Versicherung A.G.based in Colognewhich were united when Gerling Beteiligungs-GmbH and its subsidiaries were acquired by HDI's parent company Talanx A.G. last year.
At the same time, A.M. Best affirmed the A rating of New York-based unit Gerling America Insurance Co.
The ratings of HDI Industrie and GKA factor implicit support from Hanover, Germany-based Talanx and their "excellent combined business profile" and overall underwriting results, despite softening rates, Best said in a statement.
Best also affirmed the A financial strength ratings of Hanover-based HDI Haftpflichtverband der Deutschen Industrie V.a.G., the ultimate mutual parent company of Talanx A.G.
The acquisition of Gerling has strengthened Talanx's business position in its domestic market, Best said in a statement. "However, in industrial lines, Best expects a loss of market share of the combined group as larger clients are likely to reduce their dependence on one insurance provider for their insurance programs," the rating agency added.
It added that the acquisition of Gerling continues to bear a substantial integration risk for Talanx. "Best is concerned about the continuing departure of key underwriters, which could have a substantial negative impact on the company's business profile," it said in a statement.