AM Best has maintained its ratings for Tower Insurance and its parent company, Tower Limited.

The New Zealand insurer has an A- financial strength rating and a- long-term issuer credit rating. For Tower Limited, its long-term issuer credit rating remains at bbb-.

“The ratings reflect [Tower Insurance’s] balance sheet strength, which AM Best categorises as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management,” the ratings agency says.

“AM Best also views [the insurer] as having robust financial flexibility as a result of its ownership by [Tower Limited], a listed company with a track record of accessing capital markets.”