HONG KONG–(BUSINESS WIRE)–#insurance—AM Best has withdrawn the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of China Merchants Insurance Company Limited (CMI) (Hong Kong). AM Best has withdrawn these Credit Ratings (ratings) as the company has requested to no longer participate in AM Best’s interactive rating process, as CMI no longer directly engages in insurance underwriting. At the time of the withdrawal, the outlook of these ratings was stable.
On 30 December 2022, CMI transferred its general insurance business (including assets and liabilities related to the business) to CMB Wing Lung Insurance Company Limited. Consequently, CMI will apply to the Hong Kong Insurance Authority for withdrawal of authorisation to carry on general insurance business in the third quarter of 2023.
AM Best’s procedure is for a final rating opinion to be produced in conjunction with a rating withdrawal. However, given that CMI’s balance sheet does not contain any insurance assets or liabilities, AM Best was unable to produce a final rating opinion.
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.
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