Moody's ups AIG Taiwan

Moody's Investors Service said it upgraded the insurance financial strength rating of AIG General Insurance (Taiwan) Co., Ltd. (previously known as Central Insurance Co Ltd) to A1 from A2.

The outlook is stable.

The agency noted that AIG Taiwan is an indirect, wholly owned subsidiary of American International Group, Inc. (senior unsecured debt rated Aa2, negative outlook).

"The rating action follows the completion of the merger of AIG Taiwan with the AIU Insurance Co. Taiwan Branch. It also reflects AIG Taiwan's improved market presence and profitability over the past year," said Sally Yim, Moody's lead analyst for AIG Taiwan.

"Following the merger with AIU Taiwan in October 2007, AIG Taiwan is estimated to be the sixth-largest property & casualty insurance company on the island. Its growing market share and better brand recognition have enhanced both the company's competitive position and its economies of-scale."

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