FOR IMMEDIATE RELEASE
SINGAPORE - MARCH 01, 2023 09:51 AM (EST)
AM Best has placed under review with positive implications the Financial Strength Rating of B (Fair) and the Long-Term Issuer Credit Rating of “bb+” (Fair) of Himalayan Reinsurance Limited (Himalayan Re) (Nepal).
The Credit Ratings (ratings) of Himalayan Re have been placed under review with positive implications because of AM Best’s expectation that the company will complete a public listing over the near term. The under review with positive implications status reflects the anticipated improvement in the company’s balance sheet strength assessment associated with successful capital raising. In addition to improved financial flexibility, shareholders’ equity is expected to more than double following the successful completion of its initial public offering, in the form of an increase of NPR 3 billion in paid-up capital and additional share premium. The transaction is pending regulatory approval and is due to complete in March 2023. The ratings will remain under review until the successful completion of the initial public offering.
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 use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
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 London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.