Falcon Insurance Co. (Hong Kong) Ltd. Oct 07
- ID: 1782127
- October 2007
- Region: Hong Kong
- Standard & Poors
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/Negative/--). The rating on Falcon HK also reflects the company's good capitalization and satisfactory investment profile. It is moderated by soft market conditions experienced in 2006 and 2007, particularly in respect of 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 has already embarked on medium-term plans...
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Research Type: Full Analysis
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