AM Best has withdrawn its ratings of New Zealand-based general insurer AMI Insurance.
AM Best said the withdrawal was in response to the company's request to no longer participate in AM Best's interactive rating process. The rating agency affirmed AMI’s financial strength rating of A- (Excellent) and issuer credit rating of ‘a-’, with a stable outlook.
According to the agency, the rating affirmations reflect AMI's “established business profile and good operating performance”. The ratings also consider the support AMI receives from its parent company, IAG (NZ), in terms of risk management and strategic initiatives for business integration.
“These positive rating factors are partially offset by AMI's marginal risk-adjusted capitalisation, as measured by Best's Capital Adequacy Ratio,” said the rating agency.