HONG KONG, Dec 5 (Bernama-BUSINESS WIRE) — AM Best has downgraded the Financial Strength Rating to B++ (Good) from A (Excellent) and the Long-Term Issuer Credit Rating to “bbb” (Good) from “a” (Excellent) of Hotai Insurance Co., Ltd. (Hotai Insurance) (Taiwan). Concurrently, the under review status of these Credit Ratings (ratings) has been revised to developing implications from negative.
The ratings reflect Hotai Insurance’s balance sheet strength, which AM Best assesses as weak, as well as its adequate operating performance, neutral business profile and marginal enterprise risk management (ERM). The ratings also reflect the support that the company receives from its ultimate parent, Ho Tai Motor Co., Ltd. (Ho Tai Motor).