CONTACTS:
FOR IMMEDIATE RELEASE
HONG KONG - APRIL 26, 2012 12:00 AM (EDT)
A.M. Best Co. has commented that the issuer credit ratings (ICR) of “bbb-” of ACR Capital Holdings Pte. Ltd. (ACR Holdings) (Singapore) and ACR ReTakaful Holdings Limited (United Arab Emirates) are unchanged following ACR Holdings’ announcement that Marubeni Corporation (Marubeni) will hold around a 22% stake in ACR Holdings. Additionally, A.M. Best has commented that the financial strength rating of A- (Excellent) and ICRs of “a-” of Asia Capital Reinsurance Group Pte. Ltd. (ACR) (Singapore), Asia Capital Reinsurance Malaysia Sdn Bhd (ACRM), ACR ReTakaful SEA Berhad (both domiciled in Malaysia) and ACR ReTakaful MEA B.S.C. (c) (Bahrain), all reinsurance operations of ACR Holdings, are unchanged. The outlook for all ratings is stable.
A portion of the proceeds will be used to maintain a sufficient level of risk-based capital at ACR.
The methodology used in determining these 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.
Founded in 1899, A.M. Best Company is the world’s oldest and most authoritative insurance rating and information source.