This report does not constitute a rating action. Overview Key strengths Key risks Very strong capital and earnings relative to risk profile. Smaller scale and less geographically diverse than regional peers. Satisfactory quality and limited foreign exchange (forex) risks of the investment portfolio. Smaller capital base, which is generally more susceptible to a single event. Prudent risk retention with satisfactory underwriting performance. We expect Union Insurance Co. Ltd.'s operating performance to remain satisfactory and close to the domestic average over the next two years. We believe Union Insurance can uphold its underwriting skills and business quality and maintain prudent risk retention over the same period. Capitalization to remain a key credit strength. Our risk-based capital model indicates capital adequacy sustaining
