Best Places Tasman Pacific Rating Under Review/Negative
A.M. Best Co. has placed the financial strength rating of “B+” (Very Good) of New Zealand’s Tasman Pacific Insurance Limited under review with negative implications.
Best said it “is concerned with the negative developments of Tasman’s sister company, Provincial Finance and its subsidiaries, which were recently placed in receivership by Perpetual Trust. The action taken by Perpetual Trust is expected to adversely affect Tasman’s business operation.”
Best also indicated that it expects to resolve the under review status in the short term.
Popular Today
- Florida’s Home Insurance Industry May Be Worse Than Anyone Realizes
- 2024 Wildfire Forecast Calls for ‘Below Average’ Season
- South Carolina Allows Out-of-State Adjusters After Massive Hail Storm
- Report: Claims Handlers Embracing Technology
Popular This Month
- CoreLogic Report Probes Evolving Severe Convective Storm Risk Landscape
- Poll: Consumers OK with AI in P/C Insurance, but Not So Much for Claims and Underwriting
- California Sees Two More Property Insurers Withdraw From Market
- Report: Vehicle Complexity, Labor ‘Reshaping’ Auto Insurance and Collision Repair