2014-02-20 20:02:01 -
A.M. Best has upgraded the financial strength rating to A- (Excellent) from B++ (Good) and issuer credit rating to “a-” from “bbb+” of Samsung Vina Insurance Limited (SVI) (Vietnam). The outlook for both ratings is stable.
The ratings reflect the enhanced commitment that SVI now receives as a subsidiary of Samsung Fire & Marine Insurance Co., Ltd (SFM) (South Korea). In January 2014, SFM acquired an additional 25% of SVI’s shares from its other shareholder, Vietnam National Reinsurance Corporation (Vina Re) (Vietnam). Following the acquisition, SFM holds 75% of SVI, with Vina Re owning the remaining 25%. SFM provides a full range of operational support for SVI, which has operating standards comparable to those followed by SFM.
While there is no positive
movement in the ratings considered in the short term, negative rating actions could occur if there is a material deterioration in SVI’s risk-adjusted capitalization, driven by worse than expected profitability.
The methodology used in determining these interactive ratings is Best’s Credit Rating Methodology, which provides a comprehensive explanation of A.M. Best’s rating process and contains the different rating criteria employed in the rating process. Best’s Credit Rating Methodology can be found at www.ambest.com/ratings/methodology : cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww ..
Ratings are communicated to rated entities prior to publication, and unless stated otherwise, the ratings were not amended subsequent to that communication.
This rating announcement has been issued by A.M. Best Asia-Pacific Limited, which is a subsidiary of A.M. Best Company. A.M. Best Company is the world's oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com : cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww ..
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