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
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
& Criteria Center.
A.M. Best Company is the world’s oldest and most authoritative
Copyright © 2015 by A.M. Best Company, Inc. ALL RIGHTS
- *How To REVERSE FIBROMYALGIA NOW* - The Fibromyalgia-Reversing Breakthrough
- Motorbike Licence Vietnam | Vietnam motorcycle licence in 7 easy steps!
- How To Make Money Fast - How To Turn Business Cards Into $5000
- You Can Overcome Binge Eating Disorder - End Binge Eating Now
- How To Repair Bad Credit Fast.
A.M. Best Co.
Managing Director, Analytics
Manager, Public Relations
+(1) 908 439 2200, ext. 5159
Assistant Vice President, Public Relations
+(1) 908 439 2200, ext. 5644