HONG KONG, Aug 18 (Bernama-BUSINESS WIRE) -- A.M. Best has removed from under review with negative implications and affirmed the financial strength rating of B++ (Good) and the issuer credit rating of “bbb” of Hyundai Insurance (China) Co., Ltd. (HIC) (China). The outlook assigned to each rating is negative.
The rating actions reflect HIC’s adequate risk-adjusted capitalization, which has recovered over the past six months with credit risk decreasing on the progress in settling claims related to the Aug.12, 2015, Tianjin Port explosions. In addition, HIC receives a wide range of support from its parent company, Hyundai Marine & Fire Insurance Co., Ltd., which is currently working on a recapitalization plan for HIC.
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