KUALA LUMPUR, Dec 18-- AM Best has maintained the under review with positive implications status for the Financial Strength Rating of B++ (good) and the Long-Term Issuer Credit Rating of ‘bbb+’ of Century Insurance Company (Guam) Limited (CIC Guam) Guam.
These ratings were placed under review on July 3, following an announcement that DB Insurance Co Ltd (DBI) has entered into an agreement with CIC Guam’s parent company, Tan Holdings Corporation (THC).
The agreement involved the acquisition of 80 per cent stake in each of THC’s three insurance subsidiaries - CIC Guam and two other insurers in Saipan and Papua New Guinea.
DBI is also expected to secure the management rights in all three companies.
At that time, AM Best indicated that the ratings would remain under review until the transaction was completed, and an assessment of the subsequent impact to CIC Guam’s business and credit profile could be determined.
The under review with positive implications status has been extended as regulatory approval is still pending.
The companies now anticipate a transaction closing date in early 2020. CIC Guam’s ratings will remain under review until the close of the transaction, while AM Best continues to conduct further discussions with CIC Guam’s and DBI’s management teams to fully assess the rating impact.
-- BERNAMA
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