HONG KONG--(BUSINESS WIRE)--A.M. Best Asia-Pacific Limited has affirmed the financial strength rating of B+ (Good) and the issuer credit rating of “bbb-” of China Taiping Insurance (NZ) Co., Limited (CTPNZ) (New Zealand). The outlook for both ratings is stable. Concurrently, A.M. Best has withdrawn the ratings as the company has requested to no longer participate in A.M. Best’s interactive rating process.
The ratings acknowledge CTPNZ’s adequate reinsurance buffer for the 2010-11 earthquakes and the financial flexibility the company receives from its affiliation with China Taiping Insurance Group (HK) Company Limited. Partially offsetting these positive factors are CTPNZ's declining capital trend and regulatory solvency margin, high dependence on reinsurance and claims escalation that may potentially delay the settlement process.
The methodology used in determining these interactive ratings is Best’s Credit Rating Methodology, which provides a comprehensive explanation of A.M. Best’s rating process and contains the different rating criteria employed in the rating process. Best’s Credit Rating Methodology can be found at www.ambest.com/ratings/methodology.
Ratings are communicated to rated entities prior to publication, and unless stated otherwise, the ratings were not amended subsequent to that communication.
A.M. Best Asia-Pacific Limited is a subsidiary of A.M. Best Company. A.M. Best Company is the world's oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.
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