SINGAPORE, March 24 (Bernama-BUSINESS WIRE) — AM Best has upgraded the Long-Term Issuer Credit Rating (Long-Term ICR) to “bbb+” (Good) from “bbb” (Good) and affirmed the Financial Strength Rating (FSR) of B++ (Good) and the Vietnam National Scale Rating (NSR) of aaa.VN (Exceptional) of Hanoi Reinsurance Joint Stock Corporation (Hanoi Re). In addition, AM Best has revised the outlook of the Long-Term ICR to stable from positive, while the outlook of the FSR and the NSR is stable.
The Credit Ratings (ratings) reflect Hanoi Re’s balance sheet strength, which AM Best assesses as strong, as well as its strong operating performance, limited business profile and appropriate enterprise risk management. The ratings also factor in rating enhancement from Hanoi Re’s ultimate parent, HDI Haftpflichtverband der Deutschen Industrie V.a.G.