Summary: New Century Insurance Co. Ltd. Nov 09
- ID: 1872253
- November 2009
- Standard & Poors
New Century Insurance Co. Ltd. (New Century; A+/Stable/--) is a pure captive insurance arm and core subsidiary of Mitsubishi Corp. (A+/Stable/A-1). The insurer is based in Bermuda and is 98.8% owned by Mitsubishi Corp., for which it plays an important role in risk management. Given its position within the Mitsubishi Corp. group and its close relationships with Mitsubishi Corp., New Century is considered by Standard & Poor's to be a core subsidiary of Mitsubishi Corp. and therefore shares the same long-term rating as its parent. The company's operations are restricted to the reinsurance risks of its parent and group companies. It has enhanced its capitalization through profit accumulation, while carefully expanding its underwriting throughout the Mitsubishi Corp. group. However, the...
Companies mentioned in this report are:
- New Century Insurance Co. Ltd.
- Mitsubishi Corp.
- Tokio Marine & Fire Insurance Co. (Hong Kong) Ltd.
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