Civic Assurance ratings under review

Friday 4th March 2011

Credit rating agency AM Best has placed under review with negative implications ratings of the New Zealand Local Government Insurance Corp, which trades as Civic Assurance.

AM Best today said it was reviewing Civic's financial strength rating of A (excellent) and its issuer credit rating of a.

The move reflected concerns about the downgrading of one of Civic Assurance's reinsurers and the resultant impact on Civic's capitalisation, AM Best said.

The company's ratings were expected to remain under review while AM Best's discussions continued with management regarding further reinsurance arrangements, loss development and capital management.

NZPA

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