No Moody’s concern

MOODY’S has said it will take no rating action as a result of Munich Re’s decision to close Victoria Lebensversicherung to new business in 2010. The reinsurer will from now on be writing all life business through Hamburg-Mannheimer Versicherungs AG, which will be rebranded as Ergo. The change to the life insurance operations is likely to occur in the second half of 2010, but Moody’s says there are no immediate rating implications.