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TMCNet:  A.M. Best Withdraws Ratings of Tenet Insurance Company Ltd Following Its Merger With Sompo Japan Insurance (Singapore) Pte. Ltd.

[January 04, 2013]

A.M. Best Withdraws Ratings of Tenet Insurance Company Ltd Following Its Merger With Sompo Japan Insurance (Singapore) Pte. Ltd.

HONG KONG --(Business Wire)--

A.M. Best Asia-Pacific Limited has withdrawn the financial strength rating of A (Excellent) and issuer credit rating of "a" of Tenet Insurance Company Ltd (Tenet) (Singapore) following the transfer of Tenet's business to its affiliate, Sompo Japan Insurance (Singapore) Pte. Ltd. (Singapore) on January 1, 2013 to form Tenet Sompo Insurance Pte. Ltd.

The methodology used in determining these ratings is Best's Credit Rating Methodology, which provides a comprehensive explanation of .M. Best's rating process and contains the different rating criteria employed in the rating process. Best's Credit Rating Methodology can be found at www.ambest.com/ratings/methodology.

Founded in 1899, A.M. Best Company is the world's oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.

Copyright © 2013 by A.M. Best Company, Inc. ALL RIGHTS RESERVED.


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