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AM Best Maintains Under Review With Positive Implications Status for Credit Ratings of Century Insurance Company (Guam) Limited

December 17, 2019 GMT

HONG KONG--(BUSINESS WIRE)--Dec 17, 2019--

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 (rating) were placed under review on July 3, 2019, following an announcement that DB Insurance Co., Ltd. (DBI) has 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 is 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 and credit profile could be determined.

The under review with positive implications status has been extended as regulatory approval is still pending. The companies now anticipate a transaction closing date in early 2020. CIC Guam’s ratings will remain under review until the close of the transaction, while AM Best continues to conduct further discussions with CIC Guam’s and DBI’s management teams to fully assess the rating impact.

Ratings are communicated to rated entities prior to publication. Unless stated otherwise, the ratings were not amended subsequent to that communication.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.

AM Best is a global credit rating agency, news publisher and data provider specializing in the insurance industry. The company does business in more than 100 countries. Headquartered in Oldwick, NJ, AM Best has offices in cities around the world, including London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2019 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

View source version on businesswire.com:https://www.businesswire.com/news/home/20191217005710/en/

CONTACT: Yizhou Hong

Senior Financial Analyst

+852 2827 3426

yizhou.hong@ambest.com

Jason Shum

Associate Director, Analytics

+852 2827 3424

jason.shum@ambest.com

Christopher Sharkey

Manager, Public Relations

+1 908 439 2200, ext. 5159

christopher.sharkey@ambest.com

Jim Peavy

Director, Public Relations

+1 908 439 2200, ext. 5644

james.peavy@ambest.com

KEYWORD: UNITED STATES SINGAPORE HONG KONG NORTH AMERICA ASIA PACIFIC EUROPE

INDUSTRY KEYWORD: INSURANCE PROFESSIONAL SERVICES

SOURCE: AM Best

Copyright Business Wire 2019.

PUB: 12/17/2019 12:42 PM/DISC: 12/17/2019 12:42 PM

http://www.businesswire.com/news/home/20191217005710/en