Friday 4th March 2011
|Text too small?|
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.
No comments yet
Kiwi Property Group Limited (NZX: KPG) Signs Sale and Purchase Agreement with IKEA
2nd December 2021 Morning Report
The New Zealand Refining Company Limited (NZX: NZR) Launches Share Purchase Plan
Seeka Limited (NZX: SEK) Confirms Market Guidance
Australia and New Zealand Banking Group Limited (NZX: ANZ) Acknowledges Class Action Proceedings
1st December 2021 Morning Report
Livestock Improvement Corporation Limited (NZX: LIC) Appoints New Chief Executive
30th November 2021 Morning Report
Serko Limited (NZX: SKO) Announces Opening of NZ$10 Million Retail Offer
Rua Bioscience Limited (NZX: RUA) Rua to Accelerate Growth with Proposed Acquisition of Zalm