News Column

A.M. Best Upgrades Ratings of Samsung Vina Insurance Limited

February 20, 2014



HONG KONG--(BUSINESS WIRE)-- A.M. Besthas upgraded the financial strength rating to A- (Excellent) from B++ (Good) and issuer credit rating to ďa-Ē from ďbbb+Ē 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 SVIís 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 SVIís risk-adjusted capitalization, driven by worse than expected profitability.

The methodology used in determining these interactive ratings is Bestís Credit Rating Methodology, which provides a comprehensive explanation of A.M. Bestís rating process and contains the different rating criteria employed in the rating process. Bestís Credit Rating Methodology can be found at www.ambest.com/ratings/methodology.

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.

Copyright © 2014 by A.M. Best Company, Inc.ALL RIGHTS RESERVED.





A.M. Best

Seewon Oh, +852-2827-3404

Senior Financial Analyst

seewon.oh@ambest.com

or

Moungmo Lee, +852-2827-3402

General Manager

moungmo.lee@ambest.com

or

Rachelle Morrow, +(1) 908-439-2200, ext. 5378

Senior Manager, Public Relations

rachelle.morrow@ambest.com

or

Jim Peavy, +(1) 908-439-2200, ext. 5644

Assistant Vice President, Public Relations

james.peavy@ambest.com

Source: A.M. Best


For more stories on investments and markets, please see HispanicBusiness' Finance Channel



Source: Business Wire


Story Tools