AM Best Places Credit Ratings of Bao Minh Insurance Corporation Under Review With Negative Implications

SINGAPORE--(BUSINESS WIRE)--AM Best has placed under review with negative implications the Financial Strength Rating of B++ (Good), the Long-Term Issuer Credit Rating of “bbb” (Good) and the Vietnam National Scale Rating (NSR) of aaa.VN (Exceptional) of Bao Minh Insurance Corporation (BMI).

The under review with negative implications status reflects concerns around BMI’s internal control environment and enterprise risk management following the occurrence of insider fraud, which may negatively impact the company’s credit fundamentals.

AM Best expects to resolve the under review status once it can assess the impact of these transactions on BMI’s credit fundamentals, alongside the effectiveness of the company’s remedial actions and risk management control measures.

Ratings are communicated to rated entities prior to publication. Unless stated otherwise, the ratings were not amended subsequent to that communication.

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