SINGAPORE--(BUSINESS WIRE)--A.M. Best has placed under review with developing implications 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). Additionally, A.M. Best has also placed under review with developing implications the Long-Term ICR of “bbb-” of ACR Capital Holdings Pte. Ltd. (ACR Holdings) (Singapore).
The under review status of the Credit Ratings (ratings) follow the announcement that Shenzhen Qianhai Financial Holdings Co. Ltd (QHFH) and Shenzhen Investment Holdings Co. Ltd (SIHC) will jointly acquire a 100% stake in ACR Holdings. Asia Capital Re is ACR Holdings’ main operating entity. The ultimate parent of QHFH and SIHC is the Shenzhen Municipal Government. No debt is expected to be raised by QHFH and SIHC to fund this transaction. The transaction is expected to close during the fourth quarter of 2016, pending regulatory approval.
A.M. Best anticipates that the ratings will remain under review until the close of the transaction or the conclusion of A.M. Best’s assessment of its impact on the ratings.
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.
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