Bermuda Firm’s Business Transferred
A.M. Best Co. has today [Jan. 12] withdrawn the financial strength rating of A- [Excellent] and issuer credit rating of “a-” of Bermuda’s Dah Sing Insurance Company Limited [DSI], due to its business being transferred to Hong Kong’s Dah Sing Insurance Company 1976 Limited, an insurer ultimately owned by Dah Sing Financial Holdings Limited.
Prior to the transfer of its business to DSI 1976, Bermuda-based DSI underwrote general insurance business in Hong Kong.
In October 2010, Dah Sing Financial Holdings Limited acquired Summit Insurance [Asia] Limited, which was renamed Dah Sing Insurance Company 1976 Limited on April 19, 2011.
All business carried by DSI, including all outstanding liabilities, was transferred to DSI 1976 by December 9, 2011 with the approval of the Office of The Commissioner of Insurance in Hong Kong.
DSI ceased to carry on any general insurance business upon the completion of the business transfer and currently is in the process of withdrawing the relevant license.
