HONG KONG, June 6 (Bernama-BUSINESS WIRE) -- A.M. Best has placed under review with developing implications the financial strength rating of B++ (Good) and the issuer credit rating of “bbb” of Hanwha General Insurance Company Limited (Hanwha General) (South Korea).
The rating action follows Hanwha Life Insurance Co., Ltd.’s (Hanwha Life) public announcement on June 3, 2016, that it will acquire 17.93% of the outstanding shares of Hanwha General that are currently owned by the affiliates of Hanwha Corporation. Hanwha Life currently owns 34.29% of Hanwha General’s shares. As a result of the transaction, Hanwha Life will hold 52.22% of Hanwha General’s shares. The under review status reflects A.M. Best’s uncertainty surrounding Hanwha Life’s credit profile and the future business plans and strategic role that Hanwha General will play in the insurance group structure.
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