We believe Union Insurance Co. Ltd.'s prudent capital policy will it maintain very strong capital and earnings over the next two years. The insurer's increased claim reserves following growth in premiums earned and increased equity exposure over the past few quarters have reduced its holdings of liquid assets. Therefore, we revised our assessment of the insurer's liquidity to adequate from exceptional. The revision is neutral to the ratings. We affirmed our 'A-' local currency long-term financial strength and issuer credit ratings on Union Insurance. The stable rating outlook reflects our expectation that the Taiwan-based property and casualty insurer will maintain a very strong financial risk profile over the next two years. On Sept. 25, 2024, S&P Global Ratings affirmed its
