Fitch Ratings has downgraded the insurer financial strength ratings of three subsidiaries of Generali Deutschland. The ratings changes are:
Advocard Rechtsschutzversicherung downgraded to A- from A+.
Dialog Lebensversicherungs downgraded to A- from A+.
Envivas Krankenversicherung downgraded to BBB+ from A-.
All ratings have a negative outlook.
The news comes just days after Italian parent company Assicurazioni Generali had its IFS rating lowered from AA- to A-. The downgrade of the three subsidiaries means that they are now at their “stand alone rating”, which means their ratings no longer benefit from being a part of the Assicurazioni Generali group.
Fitch said that, of the three subsidiaries, Advocard is the most important to Generali because of its “position as the only legal expense insurer in the group”