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A.M. Best Places Ratings of Hyundai Insurance (China) Co., Ltd. Under Review With Negative Implications | Business Wire

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<p>HONG KONG–(BUSINESS WIRE)–A.M. Best has placed under review with negative implications the

financial strength rating of A- (Excellent) and the issuer credit rating

of “a-” of Hyundai insurance (China) Co., Ltd. (HIC) (China).

The under review status reflects the material increases in HIC’s credit

and liquidity risks due to losses caused by the explosions at Tianjin

port on Aug. 14, 2015. According to various media sources, Hyundai Motor

Company (Hyundai Motor), Korea’s major car maker, had about 4,000

Hyundai and KIA vehicles at Tianjin port. Although the loss survey is

on-going, A.M. Best expects HIC to have a sizeable gross loss from the

explosions given the fact it's underwritten all property risks related

to Hyundai Motor. A.M. Best expects this exposure to lead to a

significant increase in credit risk related to reinsurance recoveries as

well as overall liquidity risk. The ratings will remain under review

pending further discussions between A.M. Best and HIC’s management

regarding measures to restore the company’s risk-adjusted capitalization.

Ratings are communicated to rated entities prior to publication.

unless stated otherwise, the ratings weren't amended subsequent to that

communication.

This press release relates to rating(s) 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 visit A.M. Best’s Ratings

& Criteria Center.

A.M. Best Company is the world’s oldest and most authoritative

insurance rating and information source. For more information, visit www.ambest.com.

Copyright © 2015 by A.M. Best Company, Inc. ALL RIGHTS

RESERVED.

A.M. Best Co.
Seewon Oh
Associate Director
+852-2827-3404

seewon.oh@ambest.com
or
Moungmo Lee
Managing Director, Analytics
+65-6589-8412

moungmo.lee@ambest.com
or
Christopher Sharkey
Manager, Public Relations
+(1) 908 439 2200, ext. 5159

christopher.sharkey@ambest.com
or
Jim Peavy
Assistant Vice President, Public Relations
+(1) 908 439 2200, ext. 5644

james.peavy@ambest.com

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