Taiwan's Union Insurance raised to 'BB-' on capital infusion - Fitch |
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Published
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Fri, 30 Nov 2007 08:35
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MUMBAI (Thomson Financial) - Fitch Ratings upgraded the ratings of Taiwan-based Union Insurance Co (UIC) and took them off rating watch evolving, after the infusion of 1.5 bln Taiwan dollars by UIC's new shareholder Want Want Group.UIC's insurer financial strength rating was upgraded to 'BB-' from 'B+' and national insurer financial strength rating was raised to 'BBB(twn)' from 'BB+(twn)'.The outlook for the ratings is stable.UIC was once the third-largest property and casualty insurer by direct written premiums in Taiwan, before the Rebar Group's default crisis. Its ranking fell to the 12th spot following the crisis, but has recently recovered to the eighth position with a market share at about 5 pct, Fitch noted.TFN.newsdesk@thomson.comjroCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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