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.”
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