HONG KONG, July 31 (Bernama) — AM Best has placed under review with developing implications the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb” of Hyundai Insurance (China) Co., Ltd. (HIC) (China), following the company’s announcement on July 26, 2019, that it plans to raise additional capital through four new investors, pending regulatory approval.
HIC and its parent company, Hyundai Marine & Fire Insurance Co., Ltd. (HMF), have entered into a capital injection agreement with four new investors for HIC: Legend Holdings Corporation (Legend Holdings); Dirun (Tianjin) Technology Co., Ltd. (Dirun); Anhui Easy-Biz Digital Technology Co., Ltd. (Easy-Biz); and Ningbo Meishan Bonded Port Area Sequoia Yaosheng Equity Investment Partnership (LP) (Yaosheng). Under the agreement, Legend Holdings, a diversified investment holding company based in Beijing, China, and Dirun, a Tianjin-based company focused on computer and information technology development and services, will each inject RMB 533 million (USD 77 million) into HIC. Easy-Biz and Yaosheng will inject RMB 25 million (USD 3.6 million) each into HIC.