Assigned “AA”/ “B” national and international ratings, with stable outlook by GCR Ratings
Awarded “Decade of Excellence in Cambodia 2020” by Global Banking & Finance Review
Forte Insurance (“Forte”) has been recognized for its continued financial strength and its commitment to excellence by an international rating agency and a leading publication covering the financial services industry.
GCR, a rating agency focused on emerging markets, assigned Forte a “AA” national financial strength rating and a “B” international scale rating, both with “stable” outlooks. The rating agency noted Forte’s “consistently strong market position and well diversified premium sources”, with the latter being bolstered by the launch of Forte Life, and that Company’s overall financial profile was solid. In 2019, Forte’s market share in Cambodia was 44%, with US$44.7 million in total premiums.
Global Banking & Finance Review, an international online and print publication based in the UK, also announced that it has selected Forte for its “Decade of Excellence General Insurance Cambodia” award for 2020. This marks the sixth consecutive year that the publication and its judges have recognized Forte’s market leadership, customer service, and innovation.
Charles Cheo, Executive Chairman of Forte, commented, “Forte’s mission today remains the same as it was when we were established over twenty years ago: to be a trusted business partner offering tailored and innovative products, superior customer service, and financial stability to its clients. Staying true to our vision has enabled us to continue to expand our business and enter new markets from a position of strength.”
Cheo noted that the launch of Forte Life continues at full-speed, despite the uncertainty the COVID-19 pandemic has caused for global economies.
“The Cambodian government has done an outstanding job in controlling the outbreak. Although significant economic challenges remain, the fact that Cambodia has been able to reopen for business so quickly gives us confidence in moving ahead with the roll-out of Forte Life and other initiatives in the year ahead.”
Cheo also highlighted the pivotal role employees play in Forte’s success.
“I want to express my appreciation to all of our employees in Cambodia and Laos for their hard work and dedication. The Company’s continued growth and achievement are a testament to the fact that we have the top staff in the industry in the markets we serve, and awards like those we have received further underscore that,” concluded Cheo.