AM Best has placed under review with developing implications the Financial Strength Rating of B+ (Good) and a Long-Term Issuer Credit Rating of “bbb-” (Good) of Zhibao Labuan Reinsurance Company Limited (Zhibao Re) (Malaysia). Concurrently, AM Best has withdrawn these Credit Ratings as the company has chosen not to participate in AM Best’s interactive rating process for the time being, in light of investor transition.

The under review with developing implications status reflects the anticipated change in ownership at Zhibao Technology Inc. (Zhibao Technology), Zhibao Re’s ultimate parent, following the announcement of the definitive Securities Purchase Agreement on 31 July 2026, in which Zhibao Technology agreed to issue new securities to a group of investors. The transaction is expected to close in August 2026, subject to fulfilling customary closing conditions and obtaining required regulatory and exchange approvals. Upon completion, AM Best expects the new investors will obtain majority ownership and controllership of Zhibao Technology.

The under review with developing implications status reflects the uncertainties in the strategic role of Zhibao Re, financial conditions of the new investors, as well as parental influence on Zhibao Re from Zhibao Technology.

Ratings are communicated to rated entities prior to publication. Unless stated otherwise, the ratings were not amended subsequent to that communication.

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