Best to Open Hong Kong Office

A.M. Best Co. says it has formed a new subsidiary, A.M. Best Asia-Pacific Ltd., which will open a Hong Kong office on Dec. 6. A.M. Best Asia-Pacific will serve Australia and New Zealand, Japan and Southeast and Northern Asia--large, dynamic insurance and financial services markets that have become an important theatre of business for A.M. Best.

Simon Hu, who has been with A.M. Best since early 1996, will manage the new subsidiary and office. With Hu as general manager, A.M. Best Asia-Pacific eventually will manage A.M. Best's interactive rating relationships with insurers in the region, as well as develop A.M. Best's business information and publications businesses specializing in financial services. Previously, the region was served out of A.M. Best's New Jersey home office.

``Closer proximity to these important markets will enable us to improve our service and responsiveness and expand our rating coverage,'' Hu said. A.M. Best currently has interactive ratings on 46 companies in the Pacific Rim. ``We plan to build our Asia-Pacific team over time, using local professionals, and maintain our leading market position in these countries.''

In his previous capacity as regional manager for the United Kingdom and Ireland, Hu helped develop A.M. Best's U.K. business and launching the company's London subsidiary, A.M. Best Europe Ltd.

Arthur Snyder, A.M. Best's chairman and chief executive officer, said, ``With our offices serving the three large theatres of Europe, North America and now Asia-Pacific, A.M. Best has completed its initial goal of having a global infrastructure. A.M. Best Asia-Pacific will do very well in this region, providing momentum to our regional business development and demonstrating commitment to our rating clients and other customers.''

The opening of the A.M. Best Asia-Pacific is the latest step in A.M. Best's global expansion, the company says. Over the past three years, the agency has more than tripled its international staff. In 1997, it opened an office in London, and last year it acquired London-based Financial Intelligence & Research Ltd.-- the leading insurance business information and software company specializing in the Lloyd's and U.K. insurance market. FI&R subsequently was renamed A.M. Best International.

More recently, A.M. Best acquired TRAC--a provider of insurance industry business information and financial strength ratings in Canada--and renamed it A.M. Best Canada. A.M. Best now rates nearly 6,000 insurance companies in 62 countries and provides insurance industry data, news, analysis and education through its portfolio of print and electronic products.