Fitch Ratings upgraded Echo Re to ‘A’

Fitch Ratings has upgraded Swiss reinsurer Echo Rückversicherungs-AG’s (Echo Re) Insurer Financial Strength (IFS) Rating to ‘A’ (Strong) from ‘A-‘ (Strong). The Outlook is Stable.
The upgrade reflects an improvement in Fitch’s assessment of Echo Re’s standalone credit quality to ‘bbb+’from’bbb’ on the back of a more seasoned business profile and sustained improvement in underwriting profitability.
The rating reflects Echo Re’s ownership by DEVK Deutsche Eisenbahn Versicherung Sach- und HUK-Versicherungsverein a.G. Betriebliche Sozialeinrichtung der Deutschen Bahn (DEVK; IFS A+/Stable), which results in a two-notch uplift to Echo Re’s standalone credit quality, which in turn mirrors the company’s strong capitalisation and its improved company profile and financial performance.