KUALA LUMPUR, Feb 9 (Bernama) -- A.M. Best has affirmed the financial strength rating of A- (excellent) and the long-term issuer credit rating of 'a-' of Hotai Insurance Co Ltd (Hotai Insurance) Taiwan and the outlook of these ratings is stable.
A.M. Best said the ratings reflected the company's balance sheet strength,
categorised as very strong, as well as its marginal operating performance,
neutral business profile and appropriate enterprise risk management.
The ratings also reflect the lift the company receives from its non-insurance ultimate parent, Ho Tai Motor Co Ltd.
Hotai Insurance's very strong balance sheet strength is supported by risk-adjusted capitalisation that is at the strongest level.
Operating performance has improved recently, as the company has successfully turned around its underwriting book and brought its combined ratio below 100 per cent in 2017.
Meanwhile, the offsetting rating factors include execution risk, not only from transforming the business to be focused on motor insurance and the strategic integration with its new parent, but also achieving continuous growth in other lines simultaneously.
Hozan Investment Co Ltd, a wholly-owned subsidiary of Ho Tai Motor Co Ltd (Ho Tai Motor), completed its acquisition of Zurich Insurance Taiwan on Jan 17, 2017 and changed the name to Hotai Insurance on March 1, the same year.
-- BERNAMA
The ratings also reflect the lift the company receives from its non-insurance ultimate parent, Ho Tai Motor Co Ltd.
Hotai Insurance's very strong balance sheet strength is supported by risk-adjusted capitalisation that is at the strongest level.
Operating performance has improved recently, as the company has successfully turned around its underwriting book and brought its combined ratio below 100 per cent in 2017.
Meanwhile, the offsetting rating factors include execution risk, not only from transforming the business to be focused on motor insurance and the strategic integration with its new parent, but also achieving continuous growth in other lines simultaneously.
Hozan Investment Co Ltd, a wholly-owned subsidiary of Ho Tai Motor Co Ltd (Ho Tai Motor), completed its acquisition of Zurich Insurance Taiwan on Jan 17, 2017 and changed the name to Hotai Insurance on March 1, the same year.
-- BERNAMA
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