The CreditWatch placement reflects our view that Hang Seng General's credit profile could be lowered after a proposal by Hang Seng Bank Limited (AA-/Stable/A-1+; cnAAA/cnA-1+) to sell the company to QBE Insurance Group Ltd. (local currency A/Stable/--; core subsidiaries rated A+/Stable/--). We no longer assess Hang Seng General as strategically important to the HSBC group.
QBE Insurance currently has a significant share of the Hong Kong general insurance market. The purchase of Hang Seng General would enhance QBE Insurance's presence and competitive advantage in this competitive market.
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