KUALA LUMPUR, July 31 (Bernama) -- AM Best has placed under review with developing implications, the Financial Strength Rating of B++ (good) and the Long-Term Issuer Credit Rating of ‘bbb’ of Hyundai Insurance (China) Co Ltd (HIC).
These Credit Ratings were placed under review, following the company’s plans to raise additional capital through four new investors, pending regulatory approval.
HIC and its parent company, Hyundai Marine & Fire Insurance Co Ltd have entered into a capital injection agreement with four new investors for HIC.
The investors are Legend Holdings Corporation; Dirun (Tianjin) Technology Co Ltd; Anhui Easy-Biz Digital Technology Co Ltd; and, Ningbo Meishan Bonded Port Area Sequoia Yaosheng Equity Investment Partnership (LP).
AM Best expects HIC’s future strategic cooperation with its new investors to strengthen the company’s distribution network and business growth, as well as promote innovation and portfolio diversification in the long term.
The transaction remains subject to regulatory approval, and HIC’s ratings will remain under review, pending close of the transaction.
AM Best is a global rating agency and information provider with a unique focus on the insurance industry. For more information, contact www.ambest.com.
-- BERNAMA
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