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Mingtai Fire & Marine Insurance Co. Ltd. Nov 05 Product Image

Mingtai Fire & Marine Insurance Co. Ltd. Nov 05

  • ID: 2029520
  • November 2005
  • Standard & Poors

Abstract
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.

Action: Review

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.

Research Type: Full Analysis

- MSIG Mingtai Insurance Co. Ltd.
- First Commercial Bank Ltd.
- Mitsui Sumitomo Insurance Co. Ltd.
- First Financial Holding Co. Ltd.

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