A.M. Best Co. has assigned indicative ratings of “bbb” on senior debt, “bbb-” on subordinated debt and “bb+” on preferred stock to Bermuda-based Allied World Assurance Company Holdings, Ltd’s recently filed universal shelf registration. The outlook for all ratings is stable. “The shelf registration allows Allied World to issue the following securities: common shares, preference shares, depositary shares, debt securities, which may be senior or subordinated, warrants to purchase common shares and/or preference shares, warrants to purchase debt securities, share purchase contracts, share purchase units and units,” best noted. The net proceeds from any issuance would be used for general corporate purposes, working capital, capital expenditures and acquisitions unless otherwise noted at that time.”
Standard & Poor’s Ratings Services has assigned its ‘BBB’ long-term insurer financial strength and counterparty credit ratings to Singapore-based China Insurance Co. (Singapore) Pte. Ltd. (China Insurance) with a stable outlook. “The ratings on China Insurance reflect its satisfactory capitalization, improving operating performance, conservative investment profile, and its access to resources from its parent group–China Insurance (Holdings) Co. Ltd. (CIG),” said S&P. “These factors are somewhat offset by the company’s relatively small size in the competitive Singapore market, although it has a niche position in mainland-Chinese-related entities in Singapore and immigration bonds business.”
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