A.M. Best Co. has downgraded the financial strength rating to “B-” (Fair) from “B+” (Very Good) of New Zealand-based Tasman Pacific Insurance Limited. The rating remains under review with negative implications.
“The rating action reflects the deterioration in the company’s operating performance as a result of Provincial Finance Limited (PFL) being placed in receivership,” Best explained. “A significant volume of Tasman’s business is generated through PFL; therefore, the recent development in PFL will severely affect Tasman’s financial performance.
“The rating also considers Tasman’s relatively weak risk-adjusted capitalization and the risk of potential impairment associated with its receivables from and investments in PFL.” Best said it would “continue to closely monitor the situation as it develops.”
Was this article valuable?
Here are more articles you may enjoy.
Here Are Some AI Doomsday Scenarios Researchers Say Could Put Humanity at Risk 
Florida’s Private Railroad, Brightline, Files for Bankruptcy 
Musk’s Boring Co. Working on Tunnel to Link Austin and San Antonio 
CVC-Backed Home Insurance Firm Bamboo Said to Postpone IPO 
