A.M. Best Withdraws Ratings of Hang Seng General Insurance (Hong Kong) Company Limited
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Tue, 03 Nov 2009 15:58:19 GMT |
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A.M. Best Co.
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OLDWICK, N.J. - (Business Wire) A.M. Best Co. has affirmed the financial strength rating (FSR) of A+ (Superior) and the issuer credit rating (ICR) of “aa-” of Hang Seng General Insurance (Hong Kong) Company Limited (HSGI) (Hong Kong). The outlook for both ratings is stable. Concurrently, A.M. Best has withdrawn the ratings at the company’s request and assigned an NR-4 to the FSR and an “nr” to the ICR. These rating actions reflect HSGI management’s decision to withdraw from A.M. Best’s interactive rating process. The ratings reflect HSGI’s sound risk-adjusted capitalization, continued profitable underwriting result and conservative investment portfolio. Partially offsetting these positive rating factors are the company’s unfavorable investment result in 2008 and stagnant growth in Hong Kong’s non-life insurance sector. For Best’s Credit Ratings, an overview of the rating process and rating methodologies, please visit www.ambest.com/ratings. The principal methodologies used in determining these ratings, including any additional methodologies and factors that may have been considered, can be found at www.ambest.com/ratings/methodology. Founded in 1899, A.M. Best Company is a global full-service credit rating organization dedicated to serving the financial and health care service industries, including insurance companies, banks, hospitals and health care system providers. For more information, visit www.ambest.com.
A.M. Best
Analysts:
Fion Li, +852-2827-3411
fion.li@ambest.com
Terrence Wong, +852-2827-3403
terrence.wong@ambest.com
or
Public Relations:
Jim Peavy, +(1) 908 439 2200, ext. 5644
james.peavy@ambest.com
Rachelle Morrow, +(1) 908 439 2200, ext. 5378
rachelle.morrow@ambest.com
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