BLP: S&P rating confirmed for Allianz Global Corporate & Specialty
Standard & Poor's (S&P), the worldwide insurance rating agency, has confirmed the Financial Strength Ratings (FSRs) ofAllianz Global Corporate & Specialty as AA
. In a construction market suffering the effects of a serious lack of funding, this is excellent news for developers looking to bring both residential and commercial schemes to market.
As the lending criteria from banks and investment groups has become more restrictive in the global economic downturn, obtaining development funding has never been more difficult. However, acquiring latent defects insurance through solid policies from leading global insurers actively strengthens the attractiveness of an investment vehicle such as a housing scheme or commercial property, increasing the likelihood of securing that funding.
More developers, and in particular their insurance brokers, are recognising the need to assess an insurers risk rating; in some cases, disregarding warranty products underwritten by insurers who fail to meet the the AA standard.
Allianz Global Corporate & Specialty has demonstrated a creditworthiness which, according to S&P is "underpinned by strong capitalization, strong underwriting results, and management's demonstrated ability to implement its global strategy."Key points from the S&P Report include:
- Corporate Profile: A leading player in industrial and specialty lines business
- Competitive Position: Particularly strong in Europe and improving in U.S. markets
- Management and Corporate Strategy: A strong execution track record
- Enterprise Risk Management: Strongly integrated into Allianz Group’s ERM framework
- Investments: A conservative investment approach
- Liquidity: Very strong, with access to Allianz SE's resources
To discuss how BLP and Allianz can maximise the investment opportunities on your future developments, please contact BLP direct on 020 7204 2424.
You may also be interested in:
BLP and AGCS to end their partnership for residential, commercial and mixed-use IDI.
Persimmon situation may accelerate burst of Help to Buy bubble - BLP Insurance comments on latest PMI
Following the release of today’s Construction PMI figures, Phil Harris, Director at BLP Insurance, comments on the sector: “After skirting precariously close to the abyss, the construction sector has fallen into contraction (49.5) for the first time since March 2018. The main symptoms are a fear of a potential Brexit cliff face, lethargic commercial activity and major concerns about the long-term viability of Help to Buy.