Fitch: Hannover Re view positive

Fitch Ratings said it affirmed Hannover Rueck SE's and its reinsurance subsidiary E+S Rueckversicherung AG's (E+S Re) insurer financial strength ratings at A+ and Hannover Re's issuer default rating at A+.

The outlooks were revised to positive from stable.

Fitch simultaneously affirmed Hannover Finance (Lux) S.A.'s €500 million subordinated notes due in 2040, $750 million subordinated notes due in 2024, €500 million perpetual subordinated notes and €500 million subordinated notes due in 2043, at A-. All issues are guaranteed by Hannover Re on a subordinated basis.

Fitch said the outlook revision reflects the consistent strength of Hannover Re's financial profile, as well as an expected improvement in financial leverage during 2014. The ratings continue to reflect a strong level of risk-adjusted capitalization and consistent earnings generation from the core non-life reinsurance segment.

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