AMI Insurance rating soars
Ratings agency AM Best has upgraded the ratings of NZ mutual insurer AMI Insurance...
Ratings agency AM Best has upgraded the ratings of NZ mutual insurer AMI Insurance.
While the rest of the NZ economy slumps, AMI – the country’s largest locally owned insurer – has had its financial strength rating upgraded to A+, its issuer credit rating increased to AA- from A+ and the outlook for both ratings revised to stable from positive.
AM Best says the ratings reflect AMI’s well-established market position, solid risk-adjusted capitalisation, consistent operating profitability and corresponding surplus accumulation.
On the downside the ratings agency says AMI has had a lower underwriting margin in the last financial year and operates in a weakening NZ economic environment.
While the rest of the NZ economy slumps, AMI – the country’s largest locally owned insurer – has had its financial strength rating upgraded to A+, its issuer credit rating increased to AA- from A+ and the outlook for both ratings revised to stable from positive.
AM Best says the ratings reflect AMI’s well-established market position, solid risk-adjusted capitalisation, consistent operating profitability and corresponding surplus accumulation.
On the downside the ratings agency says AMI has had a lower underwriting margin in the last financial year and operates in a weakening NZ economic environment.