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TEXT-S&P summary: Thai Reinsurance Public Co. Ltd.

(The following statement was released by the rating agency)

Oct 11 - =============================================================================== Summary analysis -- Thai Reinsurance Public Co. Ltd. -------------- 11-Oct-2012 =============================================================================== CREDIT RATING: Country: Thailand Local currency BBB+/Negative/-- Primary SIC: Fire, marine, and casualty insurance =============================================================================== Credit Rating History: Local currency Foreign currency 07-Dec-2011 BBB+/-- --/-- 06-Dec-2007 A-/-- --/-- =============================================================================== Rationale

The ratings on Thai Reinsurance Public Co. Ltd. (Thai Re) reflect the company's adequatemarket position, satisfactory investment profile, and good financial flexibility. Thai Re'slowered capitalization and operating performance due to losses from the 2011 floods in Thailandmoderate these strengths. Additionally, the company's absolute capital size is small relative toits risk profile.

Thai Re's adequate competitive position supports its business profile. The company isThailand's leading domestic reinsurer, with a market share of about 16.8% of nonlife and 15.6%of life reinsurance business in 2011. Thai Re focuses on a short-tail book (where the timebetween receipt of premiums and payment of claims is short) of mainly proportional facultative,treaty, and market agreement (sharing of business with other insurers) business. About 99% ofits premiums come from the Thai insurance market. It has an increasing portfolio of non-marketagreement business (now representing over 86% of total premiums). Other services includeprovision of market statistics and insurance training.