New Zealand insurer Delta has described its “PA-2 excellent” performance rating from credit rater AM Best as a “game changer” for its future projections in New Zealand and international markets.

The specialist commercial underwriter is the first Managing General Agent in New Zealand and the Asia Pacific to be assessed by the credit agency.

Delta COO Kent Chaplin says the assessment process was “as robust and rigorous as you can get” across five key criteria: underwriting capabilities, governance and internal controls, financial condition, organisational talent and depth and breadth of relationships.

AM Best’s rating system has five categories for performance assessment, with the “excellent” rating the second highest behind “exceptional”. The assessor also gave Delta a “stable” grade for its future projections.

Mr Chaplin says AM Best’s view is that Delta will “maintain its current position while it leverages its industry relationships and excellent staff to proceed to a more mature stage of operations”.