Summary: Thai Reinsurance Public Co. Ltd. Dec 11

Standard & Poors, December 2011

Abstract
The rating on Thai Reinsurance Public Co. Ltd. (Thai Re) reflects the company's good market position and its historically consistent operating performance. We assess Thai Re's capitalization to be commensurate with the current rating level, provided the company' losses due to the flooding in Thailand are within its retrocession limits. We placed the ratings on Thai Re on CreditWatch with negative implications because we believe the company's financial profile could be negatively affected if flooding-related losses are much higher than we expected. We believe Thai Re's exposure to the floods is significant, given that the company is a large reinsurer in Thailand. Thai Re's risk exposure could be significant relative to its small absolute capital base and earnings depending on...

Companies mentioned in this report are: Thai Reinsurance Public Co. Ltd.
Action: Review

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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.

Thai Reinsurance Public Co. Ltd.

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