The affirmation of these Credit Ratings (ratings) reflects ERGO Insurance’s balance sheet strength, which A.M. Best categorises as strong, as well as its marginal operating performance, neutral business profile and appropriate enterprise risk management. The revised outlooks recognize ERGO Insurance’s role in supporting its parent, ERGO Group AG, with its business development plans in Asia, as well as the explicit support ERGO Insurance receives from its ultimate parent company, Munich Reinsurance Company.
The country’s National Disaster Mitigation Agency has raised the alert level to its highest, ordered 100,000 residents living near the volcano in eastern Bali to evacuate, and imposed a 10 km exclusion zone around the crater.
Ash clouds have caused airport closures for periods in Denpasar, the main airport in Bali, and in the nearby island of Lombok, resulting in flight disruptions including suspension of flights by carriers such as Singapore Airlines, KLM, and budget airlines Scoot and Air Asia.
ERGO Group AG has announced organisational changes to take effect throughout the Group at the beginning of 2018. “We will be reallocating corporate tasks,” says ERGO´s Chief Executive Officer Markus Rieß. The aim is to make further headway with international expansion and transformation of the Group.