Fitch affirms Pacific International Insurance

Fitch Ratings said it affirmed the insurer financial strength rating of Pacific International Insurance Co. Ltd. at BB-. The outlook is stable.

Fitch said the rating reflects the company's growth and profitable performance over recent years, as well as its prudent use of excess of loss cover from highly rated reinsurers to limit exposure to large claims.

The rating is also supported by the company's efficient use of low-cost administrative outsourcing, improved asset quality, the experience and expertise of senior management, the company's flexibility to reprice for individual risks based on claims experience and its robust investment performance in 2003 and 2004, according to Fitch.

However, Fitch said the rating also considers the lack of any significant regulation applied to the company's operations, the company's relatively small size and limited franchise as well as a complicated group structure.

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