{"id":16047,"date":"2019-03-25T10:49:28","date_gmt":"2019-03-25T02:49:28","guid":{"rendered":"http:\/\/www.namnewsnetwork.org\/?p=16047"},"modified":"2019-03-25T10:49:30","modified_gmt":"2019-03-25T02:49:30","slug":"am-best-downgrades-credit-ratings-of-capital-general-insurance-company-limited-places-credit-ratings-under-review-with-negative-implications","status":"publish","type":"post","link":"http:\/\/namnewsnetwork.org\/?p=16047","title":{"rendered":"AM Best Downgrades Credit Ratings of Capital General Insurance Company Limited; Places Credit Ratings under Review with Negative Implications"},"content":{"rendered":"\n<p><strong>SINGAPORE, March 25 (Bernama-BUSINESS WIRE) &#8212;&nbsp;<\/strong><strong>AM Best&nbsp;<\/strong>has downgraded the Financial Strength Rating to C+ (Marginal) from C++ (Marginal) and the Long-Term Issuer Credit Rating to \u201cb-\u201d from \u201cb+\u201d of Capital General Insurance Company Limited (CGI) (Papua New Guinea). Additionally, AM Best has placed these Credit Ratings (ratings) under review with negative implications. CGI is a subsidiary of Capital Insurance Group Limited (CIGL), which also is domiciled in Papua New Guinea.<\/p>\n\n\n\n<p>The rating downgrades reflect a deterioration in AM Best\u2019s view of CGI\u2019s balance sheet strength fundamentals following a control failure that is expected to lead to a significant deterioration in risk-adjusted capitalization for the year-end 2018, as measured by Best\u2019s Capital Adequacy Ratio (BCAR). While the company has yet to finalize its year-end 2018 financial statements, AM Best expects reported shareholder\u2019s equity to decline significantly when compared with year-end 2017 and prior expectations for 2018. The deterioration in the company\u2019s capital position follows the identification and correction of historical mis-reporting of reinsurance transactions over a number of years. The control failure is expected to have led to the historical overstatement of the company\u2019s balance sheet position, as well as earnings. <\/p>\n\n\n\n<p><a href=\"http:\/\/mrem.bernama.com\/viewsm.php?idm=34112\">http:\/\/mrem.bernama.com\/viewsm.php?idm=34112<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>SINGAPORE, March 25 (Bernama-BUSINESS WIRE) &#8212;&nbsp;AM Best&nbsp;has downgraded the Financial Strength Rating to C+ (Marginal) from C++ (Marginal) and the Long-Term Issuer Credit Rating to \u201cb-\u201d from \u201cb+\u201d of Capital General Insurance Company Limited (CGI) (Papua New Guinea). Additionally, AM Best has placed these Credit Ratings (ratings) under review with negative implications. CGI is a [&hellip;]<\/p>\n","protected":false},"author":14,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[315],"tags":[],"_links":{"self":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts\/16047"}],"collection":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/users\/14"}],"replies":[{"embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=16047"}],"version-history":[{"count":0,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts\/16047\/revisions"}],"wp:attachment":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=16047"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=16047"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=16047"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}