SINGAPORE, Dec 16 (Bernama-BUSINESS WIRE) — AM Best has downgraded the Financial Strength Rating to C (Weak) from C+ (Marginal) and the Long-Term Issuer Credit Rating to “ccc” from “b-” of Capital General Insurance Company Limited (CGI) (Papua New Guinea). The outlook of these Credit Ratings (ratings) remains negative. Concurrently, these ratings have been withdrawn as the company has requested to no longer participate in AM Best’s interactive rating process.
The ratings reflect CGI’s balance sheet strength, which AM Best categorizes as weak, as well as its adequate operating performance, limited business profile and weak enterprise risk management. The ratings factor in a neutral impact from the company’s 100% ownership by Capital Insurance Group Limited.
