Mingtai Fire & Marine Insurance Co. Ltd. Nov 05
- ID: 2029520
- November 2005
- Standard & Poors
The ratings on Mingtai Fire & Marine Insurance Co. Ltd. (Mingtai Insurance) reflect the Taiwan insurer's good business position, consistently sound operating performance, a conservative investment strategy that supports strong liquidity, and adequate capitalization. A degree of implicit support from Mingtai Insurance's Japan-based parent company, Mitsui Sumitomo Insurance Co. Ltd. (MSI, AA-/Stable/A-1+), is another positive factor. These strengths are partly offset by the company's high usage of reinsurance and the competitive operating environment in Taiwan. Mingtai Insurance became a wholly owned subsidiary of MSI on Sept. 2, 2005 after the completion of its Taiwan dollar (NT$) 8.4 billion cash acquisition from First Financial Holding Co. Ltd. (First FHC, BBB-/Stable/A-3). MSI's entry into Taiwan's nonlife insurance market is consistent with its...
Companies mentioned in this report are:
- MSIG Mingtai Insurance Co. Ltd.
- First Commercial Bank Ltd.
- Mitsui Sumitomo Insurance Co. Ltd.
- First Financial Holding Co. Ltd.
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