CONTACTS:
FOR IMMEDIATE RELEASE
LONDON - FEBRUARY 01, 2018 02:20 PM (EST)
A.M. Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb+” of China Taiping Insurance (UK) Company Limited (CTIUK) (United Kingdom). The outlook of these Credit Ratings (ratings) is stable. Concurrently, A.M. Best has withdrawn the ratings as the company has requested to no longer participate in A.M. Best’s interactive rating process.
The ratings reflect CTIUK’s balance sheet strength, which A.M. Best categorises as strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management. The ratings also factor in CTIUK’s strategic importance to its direct parent, China Taiping Insurance Holdings Company Limited (CTIH), as a means to access European insurance markets. Additionally, CTIUK receives operational and reinsurance support from CTIH and benefited from a capital injection in 2015 to support its expansion strategy.
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.