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A.M. Best Upgrades And Removes From Under Review Ratings Of Asian Reinsurance Corporation
The rating upgrades reflect Asian Re's improved capitalization after the Thailand government's THB 219 million (USD 6.8 million) capital injection on February 10, 2014. Together with debt equity swap agreements (with five Thailand insurers completed during the second half of 2013) and expected improvement in fiscal year 2013 underwriting results, Asian Re has partially restored its capitalization, which was significantly eroded by severe losses from the 2011 Thailand flooding. In 2014, Asian Re aims to further strengthen its capitalization through capital injections from other member countries and debt equity swap agreements with other insurance creditors.
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