S&P plans downgrade for Hong Kong players

HONG KONG - Standard and Poor's said yesterday it expected todowngrade some Hong Kong general insurers in 2000 because ofunfavourable underwriting which is not expected to turn aroundquickly this year. It predicted the conditions in the market couldmean some companies failing or being forced to exit the market. "HongKong's intensely competitive market will not be able to support thecurrent number of insurers doing business in the territory, in thelong term," the agency said. S&P today launched its Security CircleIcon in Hong Kong, a new programme designed to communicate S&Popinion about the financial strength of insurance companies.