CONTACTS:
FOR IMMEDIATE RELEASE
HONG KONG - SEPTEMBER 12, 2017 08:17 AM (EDT)
A.M. Best has commented that the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of Hanwha General Insurance Company Limited (HGI) (South Korea) are unchanged following HGI’s announcement on Sept. 8, 2017, that it will raise capital through a new share issuance worth about KRW 215 billion (USD 190 million).
The new shares will be offered to existing shareholders, including the public and HGI’s ultimate parent company, Hanwha Life Insurance Co., Ltd. The parent company also announced on Sept. 8 that it will invest in new shares of HGI.
HGI plans to use the proceeds of the issuance to support its regulatory risk-based capital ratio ahead of the implementation of new and tighter rules, including the extension of the liability duration.
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.