HONG KONG--(BUSINESS WIRE)--A.M. Best has commented that the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of Hanwha General Insurance Company Limited (HGI) (South Korea) are unchanged following HGI’s announcement on Sept. 8, 2017, that it will raise capital through a new share issuance worth about KRW 215 billion (USD 190 million).
The new shares will be offered to existing shareholders, including the public and HGI’s ultimate parent company, Hanwha Life Insurance Co., Ltd. The parent company also announced on Sept. 8 that it will invest in new shares of HGI.
HGI plans to use the proceeds of the issuance to support its regulatory risk-based capital ratio ahead of the implementation of new and tighter rules, including the extension of the liability duration.
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