S&P boosts Ming An Insurance

Standard & Poor's said it raised its counterparty credit and insurer financial strength ratings on Ming An Insurance Co. (Hong Kong) Ltd. to BBB from BB+ after the company was paid a long outstanding reinsurance debt of HK$886 million by a single reinsurer.

The outlook is positive.

Previously, S&P said it had considered part of the sum owed to be doubtful debt, adding that the settlement of the full amount, which accounts for about 54% of the company's total shareholders' funds, has substantially enhanced Ming An's financial profile, which in any event had been improving in recent years.

The agency added that Ming An's investment profile is highly concentrated, with property accounting for 42% of its total invested assets.

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