AMI Insurance rating soars
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.