Tower Chairman Michael Stiassny says an annual review by global credit rating agency AM Best has recognised the company’s strong performance as it remains resilient following recent large events.

AM Best has reaffirmed Tower’s a- (Excellent) financial strength and long-term issuer credit ratings, with a stable outlook on both.

“The ratings reflect Tower’s balance sheet strength, which AM Best assesses as very strong, as well as its operating performance, business profile and enterprise risk management,” Tower says in a market update today.

AM Best notes Tower’s prudent capital management and that it expects Tower’s risk-adjusted capitalisation to remain “at least at the very strong level” over the medium term.

New Zealand insurers have this year been hit by record flooding that inundated Auckland as well as damage in February caused by Cyclone Gabrielle.