OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has affirmed the Performance Assessment (assessment) of PA-2 (Excellent) of Delta Insurance New Zealand Limited (New Zealand) and Delta Underwriting Private Limited (Singapore). The companies are assessed on a consolidated basis under their parent, Delta International Limited (Delta). The outlook of the assessment is stable.
This assessment reflects Delta’s strong underwriting capabilities, excellent governance and internal controls, strong financial condition, excellent organizational talent, and strong depth and breadth of relationships.
In AM Best’s view, 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. Delta was founded in New Zealand in 2014 with local ownership and currently operates from offices in New Zealand, Australia and Singapore.
Delta has consistently recorded profitable underwriting results over the past few years across a variety of liability lines in the Asia Pacific region, along with property coverage in New Zealand only. Underwriting capabilities are further strengthened by Delta’s in-house underwriting and claims management staff. Delta has a well-developed technology base that provides insurance services. This has enabled the organization to increase its gross written premium annually and expand coverage options.
AM Best considers Delta’s governance and internal controls to be excellent. Delta has implemented a sophisticated framework for selecting capacity providers, which elevates the products and coverage it provides to its policyholders. This is complemented by Delta’s extensive use of internal and external audits, policies and procedures, quality reviews and ongoing monitoring.
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. Results have remained consistent as Delta continued to grow its premium scale, policyholder count and geographic reach. The organization does not retain any insurance risk.
Delta’s senior management is highly experienced in the company’s lines of business and in the geographic regions in which the group operates. The knowledge share and training programs within Delta further benefits its underwriting capabilities. AM Best expects continued development in the quality and quantity of Delta’s staff as the organization grows.
AM Best assesses Delta’s depth and breadth of relationships as strong. While Delta has a relatively compact history, most capacity providers have partnered with the organization since its inception. Delta offers multiple programs across several countries, which provides appropriate diversification. There is opportunity for advancement in Delta’s ability to retain and sustain long-term relationships.
This press release relates to Performance Assessments that have been published on AM Best’s website. For all information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the Performance Assessments referenced in this release, please see AM Best’s website. For additional information regarding the use and limitations of Performance Assessments, please view Guide to Best’s Performance Assessments for Delegated Underwriting Authority Enterprises. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
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