Summary: Falcon Insurance Co. (Hong Kong) Ltd.
Standard & Poors, November 2005
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
Abstract
The insurer financial strength rating on Falcon Insurance Co. (Hong Kong) Ltd. (Falcon HK) reflects explicit support provided in the form of a guarantee by related group company Odyssey America Reinsurance Corp. (Odyssey America Re; A-/Stable/--), a subsidiary of Falcon HK's ultimate parent, Fairfax Financial Holdings Ltd. (Fairfax; BB/Positive/--). The rating on Falcon HK also reflects the company's improved underwriting performance of recent years, a satisfactory investment profile, and good capitalization. The rating is moderated by softer market conditions experienced in 2004 and 2005, particularly for employee compensation (EC) insurance, which is currently the company's main business line. Falcon HK's revenue is likely to remain volatile as a result of its heavy reliance on EC premiums, even though the company...
Companies mentioned in this report are: Falcon Insurance Co. (Hong Kong) Ltd.,Odyssey Reinsurance Company,Fairfax Financial Holdings Ltd.
Action: Review
Falcon Insurance Co. (Hong Kong) Ltd.,Odyssey Reinsurance Company,Fairfax Financial Holdings Ltd.
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