Categories: Wire Stories

AM Best Comments on Credit Ratings of Evergreen Insurance Company Limited Following Suez Canal Ship Grounding

HONG KONG–(BUSINESS WIRE)–AM Best has commented that the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of �a” of Evergreen Insurance Company Limited (EICL) (Bermuda), remain unchanged following the grounding of the container ship, Ever Given, in the Suez Canal on 23 March 2021. The outlook of these Credit Ratings (ratings) is stable.

Ever Given is owned by the Japanese firm Shoei Kisen Kaisha, Ltd.; it is a chartered vessel currently leased by Evergreen Marine Corp. (Taiwan) Limited (EMC) under a time charter agreement. According to public disclosures by EMC, potential expenses arising from the salvage operation, cost of repair to hull and machinery, as well as third-party liability are borne by the ship owner. EICL does not have direct underwriting exposure to the aforementioned insurance coverages. The potential claims arising from this incident are expected to be within EICL’s risk tolerance. As such, AM Best believes the impact to EICL’s credit fundamentals is limited. AM Best will continue to monitor the development of the incident, as well as the financial impact to EICL.

Ratings are communicated to rated entities prior to publication. Unless stated otherwise, the ratings were not amended subsequent to that communication.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media – Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.

AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2021 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

June Wang
Associate Financial Analyst
+852 2827 3416
june.wang@ambest.com

James Chan
Associate Director
+852 2827 3418
james.chan@ambest.com

Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com

Jim Peavy
Director, Communications
+1 908 439 2200, ext. 5644
james.peavy@ambest.com

Alex

Recent Posts

The Top 10 Best Places to Work in Egypt for 2024 revealed

CAIRO, EGYPT - Media OutReach Newswire - 23 December 2024 - Eand, Novo Nordisk, BSH,…

2 hours ago

Trend Micro Named a Magic Quadrant Leader for Email Security Platforms

Trend Vision One™ – Email and Collaboration Security is a critical part of Trend’s centralized…

3 hours ago

Hollywood’s Style Icon Zendaya Makes Her Stunning Wax Debut at Madame Tussauds Singapore

SINGAPORE - Media OutReach Newswire - 23 December 2024 - Madame Tussauds Singapore is proud…

4 hours ago

Star-Studded Christmas Music Gala Lights Up the Stage

TAIPEI, TAIWAN - Media OutReach Newswire - 23 December 2024 – The 2024 Christmasland in…

7 hours ago

Graphisoft Strengthens Presence in Southeast Asia Amid BIM Demand Surge

Hungarian-based technology leader underscores its commitment to education, sustainability, and innovation SINGAPORE - Media OutReach…

9 hours ago