S&P may boost Pacific Century Insurance

Standard & Poor's said it placed its BBB- insurer financial strength and counterparty credit ratings on Pacific Century Insurance Co. Ltd. on CreditWatch with positive implications after the company's parent, Pacific Century Insurance Holdings Ltd., said it had entered into a share purchase agreement with Fortis Insurance International NV to acquire shares worth HK$3.5 billion, representing 50.48% of its issued capital.

The placement reflects the expected benefits of Pacific Century Insurance's prospective ownership by the Fortis group in terms of additional technical support, business development and the new owner's own endeavors to expand within Hong Kong and elsewhere in Asia, S&P said.

The placement will be resolved once the transition and necessary regulatory approvals have been completed, the agency said.

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