Thailand's largest domestic reinsurer, Thai Re, has announced a plan that we believe will restore its capitalization to a level commensurate with the rating. The company has significant risk exposure to the recent flooding in Thailand; it has reported THB8.8 billion in estimated net losses so far. We are affirming the 'BBB+ ' local currency counterparty credit and insurer financial strength ratings on Thai Re and the 'axA+' ASEAN regional scale rating. The negative outlook on Thai Re reflects our uncertainty over the final flood-related losses and the effect of weakened capitalization on the company's business profile. On March 8, 2012, Standard & Poor's Rating Services affirmed its 'BBB+' long-term local currency counterparty credit and insurer financial strength ratings on...
Companies mentioned in this report are: Thai Reinsurance Public Co. Ltd.
Action: Outlook: Negative
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