Best Affirms, Withdraws Tasman Pacific Ratings
A.M. Best Co. has affirmed the financial strength rating (FSR) of “B-” (Fair) and removed the rating from under review for New Zealand’s Tasman Pacific Insurance, and assigned a negative outlook.
Subsequently, Best withdrew the rating and assigned a rating of “NR-4” (Company Request) in response to management’s request that Tasman be removed from its interactive rating process.
“The rating affirmation and the removal of the under review status reflect A.M. Best’s review of Tasman’s recent operation development,” said the bulletin. “The rating reflects the company’s relatively weak risk-adjusted capitalization and the significant deterioration in its distribution capability as a result of Provincial Finance Limited being placed in receivership.” Best added that it “understands that Tasman no longer writes new risks.”
.
- Warren Buffett’s PacifiCorp Now Faces $30 Billion Fire Claim Demand
- Insurer Chubb Prepares to Pay $350M in Baltimore Bridge Collapse
- Insurers Get Green Light to Pay Less Than Billed Charges in Florida PIP Cases
- Jury Awards $80M to 3 Former Zurich NA Employees for Wrongful Termination
- Report: Vehicle Complexity, Labor ‘Reshaping’ Auto Insurance and Collision Repair
- Poll: Consumers OK with AI in P/C Insurance, but Not So Much for Claims and Underwriting
- CoreLogic Report Probes Evolving Severe Convective Storm Risk Landscape
- Work Safety Group Releases List of ‘Dirty Dozen’ Employers