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Rating Action:

Moody's rates Chartis Asia Pacific insurers A2 for financial strength

27 Jul 2012

Hong Kong, July 27, 2012 -- Moody's Investors Service has assigned A2 local and foreign currency insurance financial strength (IFS) ratings to four members of Chartis in Asia Pacific (APAC). The rated companies are Chartis Singapore Insurance Pte Ltd (Chartis Singapore), Chartis Australia Insurance Ltd (Chartis Australia), Chartis Insurance Hong Kong Ltd (Chartis Hong Kong) and Chartis Taiwan Insurance Co Ltd (Chartis Taiwan). The rating outlook for these companies is stable. Chartis is the global property & casualty (P&C) business of American International Group, Inc. (NYSE: AIG -- senior unsecured debt Baa1 stable).

Chartis Singapore and its subsidiaries (collectively, Chartis APAC) write P&C insurance products in various countries within the APAC region, excluding Japan. Chartis APAC contributed about 6.3% of Chartis's consolidated worldwide net premiums in 2011. Chartis is gradually shifting its geographic mix toward international markets, particularly high-growth markets like APAC.

Chartis APAC is completing an organizational realignment through which Chartis Singapore is expected to ultimately become the parent of all Chartis's operating subsidiaries in the region. All rated APAC entities covered by this press release are currently subsidiaries of Chartis Singapore.

RATINGS RATIONALE

In assigning ratings to these four insurers, Moody's assessed the stand-alone business and financial profiles of each, and determined that their stand-alone credit profiles were clustered in a range at or just below the assigned A2 rating levels.

Moody's has aligned the IFS ratings of these companies at A2 to reflect Chartis Singapore's ownership and implied support, as well as the benefits of being part of Chartis. The alignment considers the increasing integration within the APAC operations and within Chartis globally.

The APAC operations share key attributes with the wider Chartis organization, including common branding, risk management, underwriting strategy and management resources. Further, we believe that AIG will ensure a solid level of capital at each of the APAC subsidiaries, while also maintaining flexibility of capital within the overall Chartis group. We expect AIG to contribute capital to and receive dividends from its insurance subsidiaries so as to keep the subsidiary capitalization at target levels.

The rating rationale for each subsidiary is discussed below.

Chartis Singapore -- A2 Insurance Financial Strength

Chartis Singapore is the current parent of some, and is expected to be the future parent of all, of Chartis's APAC subsidiaries. Moody's A2 IFS rating reflects the aggregate credit profile of all the subsidiaries owned by Chartis Singapore as well as its Singaporean P&C business.

On a consolidated basis, Chartis APAC is the leading foreign-owned insurer in several markets and enjoys good brand recognition. The group is especially strong at writing commercial lines for multinational accounts, given Chartis's extensive footprint and history as a global insurer. Chartis APAC has good diversification in terms of distribution channels, product lines and geographic areas within Asia. It also has solid capitalization overall and at its main subsidiaries.

On the other hand, a number of considerations constrain Chartis APAC's credit profile. First, its profitability has been weak and volatile in certain markets, such as Australia, New Zealand and Taiwan, due to restructuring and catastrophe losses. Second, it has relatively high product risk on a gross basis due to its focus on large-limit commercial lines and long-tail casualty business in certain markets. Third, its expense ratio has been relatively high compared to regional peers, partly due to internal cost allocations. Fourth, it has significant gross catastrophe exposures in certain markets, such as Australia, New Zealand, Taiwan and Thailand, notwithstanding the significant intercompany reinsurance programs that mitigate these exposures for local statutory purposes.

Within the Singaporean P&C market, Chartis Singapore enjoys a leading market position and a low product risk profile. The company has achieved favorable underwriting results while maintaining strong capitalization. These strengths are tempered by its relatively volatile profitability from investment losses during the financial crisis, and by competitive market conditions in Singapore, which could place negative pressure on underwriting margins.

The Chartis APAC ratings are one notch below those of Chartis's leading US and European companies (IFS ratings A1 stable), reflecting Chartis APAC's modest share of Chartis's global business as well as Chartis Singapore's short track record as the APAC hub. Moody's expects Chartis APAC's share of the global business to expand over the next several years.

Chartis Australia -- A2 Insurance Financial Strength

Moody's A2 IFS rating of Chartis Australia is based on the company's leading position in providing commercial lines insurance to corporate and multinational accounts in Australia, its strong capitalization and its conservative investment portfolio. The company's reserving practice has been conservative, leading to consistent favorable development in the past few years.

These strengths are offset by the company's modest market position in Australia, whose P&C market is highly concentrated. In addition, the firm's profitability has been volatile due to underwriting losses related to catastrophe events and financial lines during the global financial crisis, although the volatility is tempered by intercompany reinsurance treaties. Because of the competitive nature of the Australian P&C market, Moody's expects that underwriting margins will be constrained and growth opportunities will be limited.

Chartis Australia's A2 IFS rating benefits from a one-notch uplift versus its intrinsic credit profile, reflecting implied support from its parent, Chartis Singapore.

Chartis Hong Kong -- A2 Insurance Financial Strength

Moody's A2 IFS rating of Chartis Hong Kong is based on the company's good market position in Hong Kong, good underwriting profitability, solid capitalization and conservative investment portfolio. These strengths are offset by the company's high gross and net catastrophe exposures relative to capital. In addition, its reserve development has been volatile, which raises uncertainty as to the stability of its reserves going forward.

Chartis Hong Kong's IFS rating matches its stand-alone credit profile, which is consistent with that of its parent, Chartis Singapore.

Chartis Taiwan -- A2 Insurance Financial Strength

Moody's A2 IFS rating of Chartis Taiwan reflects its strong capitalization, good product diversification and low-risk product profile, as well as improved asset quality in its investment portfolio from the reduced holdings of equity and real estate investments. Its underwriting performance has also improved in the past two years.

However, the company's market presence in Taiwan has been shrinking due to management's conscious efforts to exit certain unprofitable businesses. In addition, its profitability has been volatile due to impairment losses on investments prior to 2010. Further, the company has significant gross and net catastrophe exposures relative to capital. Its largest event risk is earthquakes in Taiwan.

AIG's 2011 sale of Nan Shan Life Insurance Co Ltd, a domestic life insurer, may disrupt some distribution efforts of Chartis Taiwan, which currently relies on Nan Shan agents to sell auto insurance.

Chartis Taiwan's A2 IFS rating incorporates a two-notch uplift versus its intrinsic credit profile, reflecting implied support from its parent, Chartis Singapore.

RATING DRIVERS

Please refer to the individual Credit Opinion of each of the above subsidiaries for a list of factors that Moody's would consider for a rating upgrade or downgrade.

RATING METHODOLOGIES

The principal methodology used in these ratings was Moody's Global Rating Methodology for Property and Casualty Insurers published in May 2010. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

ABOUT THE COMPANIES

Headquartered in Singapore, Chartis Singapore Insurance Pte Ltd is the lead P&C insurance company for Chartis APAC and a diversified personal and commercial insurer within the Singapore market. It is the parent of most of Chartis's APAC insurers, and is expected to assume ownership of the group's remaining APAC insurers. At year-end 2011, total assets and shareholders' equity were SGD6.5 billion and SGD1.7 billion, respectively.

Headquartered in Sydney, Australia, Chartis Australia Insurance Ltd is a P&C insurer, offering financial lines, property, accident & health, marine & energy, and liability insurance, among other lines. At year-end 2011, total assets and shareholders' equity were AUD2.6 billion and AUD564 million, respectively.

Chartis Insurance Hong Kong Ltd is a P&C insurer offering liability, accident & health, personal lines and marine & energy insurance, among other lines. At year-end 2011, total assets and shareholders' equity were HKD4.0 billion and HKD978 million, respectively.

Headquartered in Taipei, Taiwan, Chartis Taiwan Insurance Co Ltd is a P&C insurer offering auto, marine & energy, liability, accident & health, and financial lines insurance, among other lines. At year-end 2011, total assets and shareholders' equity were TWD13.8 billion and TWD2.8 billion, respectively.

REGULATORY DISCLOSURES

The Global Scale Credit Ratings on this press release that are issued by one of Moody's affiliates outside the EU are endorsed by Moody's Investors Service Ltd., One Canada Square, Canary Wharf, London E 14 5FA, UK, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. Further information on the EU endorsement status and on the Moody's office that has issued a particular Credit Rating is available on www.moodys.com.

For ratings issued on a program, series or category/class of debt, this announcement provides relevant regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides relevant regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides relevant regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

The ratings have been disclosed to the rated entities or their designated agent(s) and issued with no amendment resulting from that disclosure.

Information sources used to prepare each of the ratings are the following: parties involved in the ratings, public information, and confidential and proprietary Moody's Investors Service information.

Moody's considers the quality of information available on the rated entities, obligations or credits satisfactory for the purposes of issuing these ratings.

Moody's adopts all necessary measures so that the information it uses in assigning the ratings is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

Please see the ratings disclosure page on www.moodys.com for general disclosure on potential conflicts of interests.

Please see the ratings disclosure page on www.moodys.com for information on (A) MCO's major shareholders (above 5%) and for (B) further information regarding certain affiliations that may exist between directors of MCO and rated entities as well as (C) the names of entities that hold ratings from MIS that have also publicly reported to the SEC an ownership interest in MCO of more than 5%. A member of the board of directors of this rated entity may also be a member of the board of directors of a shareholder of Moody's Corporation; however, Moody's has not independently verified this matter.

Please see Moody's Rating Symbols and Definitions on the Rating Process page on www.moodys.com for further information on the meaning of each rating category and the definition of default and recovery.

Please see ratings tab on the issuer/entity page on www.moodys.com for the last rating action and the rating history.

The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Stella Ng
Asst Vice President - Analyst
Financial Institutions Group
Moody's Investors Service Hong Kong Ltd.
24/F One Pacific Place
88 Queensway
Hong Kong
China (Hong Kong S.A.R.)
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077

Stephen Long
MD - Financial Institutions
Financial Institutions Group
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077

Releasing Office:
Moody's Investors Service Hong Kong Ltd.
24/F One Pacific Place
88 Queensway
Hong Kong
China (Hong Kong S.A.R.)
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077

Moody's rates Chartis Asia Pacific insurers A2 for financial strength
No Related Data.
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