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Summary: Asia Capital Reinsurance Group Pte Ltd. Dec 11
Standard & Poors, Dec 2011
Abstract
The ratings on Asia Capital Reinsurance Group Pte. Ltd. (ACR) reflect the company's satisfactory financial profile and conservative investment profile. ACR's risk-adjusted capitalization remains supportive of its rating, although it is lower than in 2010, reflecting the company's growth in recent years. Nevertheless, we believe that ACR's credit profile could weaken if ultimate losses from the recent floods in Thailand exceed the company's current protection from its retrocession cover. The recent CreditWatch action on ACR reflects this view. While market loss estimates are still evolving, the company's ultimate aggregate losses could be much higher than its current known losses. ACR's fluctuating underwriting performance is attributable to its limited operating history and exposure to catastrophic events. This tempers the company's rating...
Companies mentioned in this report are: Asia Capital Reinsurance Group Pte 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.
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.
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