JUNE 16, 2020 11:49 AM (EDT)
AM Best Maintains Under Review With Positive Implications Status for Credit Ratings of Century Insurance Company (Guam) Limited
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FOR IMMEDIATE RELEASE
HONG KONG - JUNE 16, 2020 11:49 AM (EDT)
AM Best has maintained the under review with positive implications status for the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb+” of Century Insurance Company (Guam) Limited (CIC Guam) (Guam).
These Credit Ratings (rating) were placed under review on 3 July 2019, following an announcement that DB Insurance Co., Ltd. (DBI) had entered into an agreement with CIC Guam’s parent company, Tan Holdings Corporation (THC), to acquire an 80% stake in each of THC’s three insurance subsidiaries, including CIC Guam and two other insurers in Saipan and Papua New Guinea. DBI also was expected to secure the management rights in all three companies. At that time, AM Best indicated that the ratings would remain under review until the transaction was completed, and an assessment of the subsequent impact to CIC Guam’s business profile and other credit fundamentals could be determined.
The under review with positive implications status is further extended as regulatory approval, which has been delayed following the COVID-19 outbreak, is still pending. The companies now anticipate a transaction closing date by the fourth quarter of 2020. CIC Guam’s ratings will remain under review until the close of the transaction and AM Best has all the necessary information to assess the full rating impact.
Ratings are communicated to rated entities prior to publication. Unless stated otherwise, the ratings were not amended subsequent to that communication.
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.
AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.