HONG KONG–(BUSINESS WIRE)–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 Credit Ratings (rating) were placed under review on 3 July 2019, following an announcement that DB Insurance Co., Ltd. (DBI) had entered into an agreement with CIC Guam’s parent company, Tan Holdings Corporation (THC), to acquire an 80% stake in each of THC’s three insurance subsidiaries, including CIC Guam and two other insurers in Saipan and Papua New Guinea. DBI also was 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 profile and other credit fundamentals could be determined.
The under review with positive implications status is further extended as regulatory approval, which has been delayed following the COVID-19 outbreak, is still pending. The companies now anticipate a transaction closing date by the fourth quarter of 2020. CIC Guam’s ratings will remain under review until the close of the transaction and AM Best has all the necessary information to assess the full rating impact.
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