HONG KONG, Dec 18 (Bernama-BUSINESS WIRE) — 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 3 July 2019, following an announcement that DB Insurance Co., Ltd. (DBI) entered into an agreement with CIC Guam’s parent company, Tan Holdings Corporation (THC), to acquire an 80% stake in each of THC’s three insurance subsidiaries, including CIC Guam and two other insurers in Saipan and Papua New Guinea. DBI also was expected to secure the management rights in all three companies. At that time, AM Best indicated that 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.