AM Best Withdraws Credit Ratings of Tugu Insurance Company Limited

news2u
Jun 3
2 min read

HONG KONG, June 3 (Bernama-BUSINESS WIRE) -- AM Best has withdrawn the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-” (Good) of Tugu Insurance Company Limited (TIC) (Hong Kong). At the time of the withdrawal, the outlook of these Credit Ratings (ratings) is stable.

The rating withdrawals follow TIC's request due to its strategic decision to discontinue its participation in AM Best's interactive rating process.

AM Best’s procedure is for a final rating opinion to be produced in conjunction with a rating withdrawal. However, in this case, a final rating opinion could not be provided due to a lack of sufficient updated financial information and business plans necessary to support such an assessment.

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. For more information, visit www.ambest.com.