HONG KONG, Feb 25 (Bernama-BUSINESS WIRE) — AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” to Shanghai Electric Insurance Limited (SEIL) (Hong Kong). The outlook assigned to these Credit Ratings (ratings) is stable.
Incorporated in 2018 in Hong Kong, SEIL is a single-parent captive of Shanghai Electric (Group) Corporation, which is one of the largest power generation and industrial equipment manufacturing enterprises in China and is wholly owned by the Shanghai municipal government. SEIL serves as the group’s risk management and insurance arm. It mainly assumes premiums from the group and affiliates through inward arrangements with onshore and offshore insurers and reinsurers. Its underwriting book of business consists of the speciality line of major equipment insurance, and other traditional lines including property, construction and engineering, cargo and liability.