Best Lowers US Allianz Rating Despite Good Parent

A.M. Best Co. has downgraded the financial strength ratings to A (Excellent) from A+ (Superior) of Allianz Insurance Company (AIC) and its direct subsidiary, Allianz Underwriters Insurance Company, both of Burbank, CA. The rating outlook is stable for both companies. These rating actions reflect A.M. Best's revised opinion relating to the treatment of AIC as a core subsidiary of Allianz A.G. (Allianz) (Munich, Germany). AIC's protracted period of poor underwriting performance and its diminished stand-alone risk-adjusted capital position necessitated this action, and resulted in A.M. Best's ...