Oct. 12 (Bloomberg) -- Munich Re’s Hartford Steam Boiler unit, the factory-equipment insurer acquired from American International Group Inc., was upgraded by A.M. Best Co. based on the prospect of improved sales in Europe.
The unit’s financial strength rating was lifted to A++ from A+ as its ownership by the German insurer may have “provided access to new markets in continental Europe and refocused the U.S. business on HSB’s core equipment-breakdown coverage,” the ratings firm said in a statement today.
--Editor: Dan Kraut
To contact the reporter on this story: Maryellen Tighe in New York at Mtighe6@bloomberg.net
To contact the editor responsible for this story: Dan Kraut at email@example.com