A.M. Best Co. has placed under review with negative implications the financial strength rating of ‘A’ (Excellent) and issuer credit rating of “a” of New Zealand Local Government Insurance Corporation Limited (Civic Assurance).
Best explained that the rating actions reflect its “concerns over the downgrading of one of Civic Assurance’s reinsurers and the resultant impact on Civic Assurance’s capitalization.
“The company’s ratings are expected to remain under review while A.M. Best’s discussions continue with management regarding further reinsurance arrangements, loss development and capital management.”
Source: A.M. Best
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