KUALA LUMPUR, Dec 18 — 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 (ratings) were initially placed under review on July 3, last year, following an announcement that DB Insurance Co Ltd (DBI) entered into an agreement with CIC Guam’s parent company, Tan Holdings Corporation (THC).
This is to acquire an 80 per cent stake in each of THC’s three insurance subsidiaries, including CIC Guam and two other insurers in Saipan and Papua New Guinea. DBI was also expected to secure the management rights in all three companies.
At that time, AM Best indicated 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, according to a statement.
Based on the global credit rating agency, AM Best’s recent conversations with company management, THC and DBI remain in close contact on this transaction.
Currently, there is no clear date for closing; however, CIC Guam does continue to operate unencumbered by this ongoing development.
The company’s ratings will remain under review until the resolution of the transaction and AM Best has the necessary information to assess the full rating impact.
More details at www.ambest.com. – BERNAMA