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.”
.
Was this article valuable?
Here are more articles you may enjoy.
‘We’ll Want Some Proof’: State Farm CEO’s Take on NY Auto Insurance Reforms 
Big I: Independent Agencies’ Market Share Up Slightly in 2025 
NAIC Victim of Cyber Incident Via PeopleSoft System 
‘Ghost Broker’ Who Procured 1,120 Policies Through Fraud Arrested 
