CONTACTS:
FOR IMMEDIATE RELEASE
OLDWICK - NOVEMBER 07, 2017 08:43 AM (EST)
A.M. Best has commented that the Financial Strength Ratings of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a-” of Asia Capital Reinsurance Group Pte. Ltd. (Asia Capital Re) (Singapore) and Asia Capital Reinsurance Malaysia Sdn. Bhd (ACRM) (Malaysia) remain unchanged following the announcement that a deal with Qianhai Financial Holdings Co. Ltd. (QHFH) and Shenzhen Investment Holdings Co. Ltd. (SIHC) to acquire Asia Capital Re’s parent, ACR Capital Holdings Pte. Ltd. (ACR Holdings) (Singapore) will not proceed. A.M. Best also has commented that ACR Holdings’ Long-Term ICR of “bbb-” remains unchanged following this announcement. The outlook of these Credit Ratings (ratings) remains negative. ACRM is a wholly owned subsidiary of Asia Capital Re.
ACR Holdings announced on Nov. 7, 2017, that the proposed acquisition of ACR Holdings and its associated companies by QHFH and SIHC will not proceed. A.M. Best remains neutral toward this and will continue to monitor any further developments at ACR Holdings and its associated companies that may impact its ratings. The annual rating review for the lead rating unit, Asia Capital Re, is scheduled for December 2017.
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 A.M. 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 A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and A.M. Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and A.M. Best Rating Action Press Releases.
A.M. Best is the world’s oldest and most authoritative insurance rating and information source.