New Zealand underwriting agency Delta International is in a “strong” financial position, ratings agency AM Best says.

The assessment is based on a review of affiliates Delta Insurance New Zealand Limited and Delta Underwriting Private Limited Singapore, according to the agency.

“The two affiliated companies exhibit several commonalities with one another and are regarded as strategically and financially important to Delta, providing access to businesses in certain geographic jurisdictions in the Asia-Pacific region.

“AM Best assesses Delta’s financial condition as strong. Delta has shown a record of profitable operations with stable income sources and continued positive net worth.”

The ratings agency says results have been consistent as Delta has grown premium scale, policyholder count and geographic reach.

“Delta has consistently recorded profitable underwriting results over the past few years across a variety of liability lines in the region, along with property coverage in New Zealand only.”

Delta was founded in New Zealand in 2014 with local ownership and now operates from offices in New Zealand, Australia and Singapore.

AM Best affirmed its PA-2 (excellent) performance assessment of the New Zealand and Singapore affiliates.

“This assessment reflects Delta’s strong underwriting capabilities, excellent governance and internal controls, strong financial condition, excellent organisational talent, and strong depth and breadth of relationships.”

Delta has welcomed the AM Best assessment.

“The positive outcome ... reflects our team’s values and commitment to excellence,” CEO Kent Chaplin said. “Brokers trust our expertise and value our outstanding level of service. This is fundamental in building strong relationships and puts us in a unique position to continue to expand our risk offerings.”