KUALA LUMPUR, March 25 (Bernama) -- AM Best has affirmed the Financial Strength Rating of B+ (good) and the Long-Term Issuer Credit Rating of ‘bbb-’ of New Zealand Medical Professionals Limited (NZMPL) New Zealand.
The global rating agency which focuses on the insurance industry, says the outlook of these credit ratings is stable.
The ratings reflect NZMPL’s balance sheet strength, which AM Best has categorises as adequate, as well as its strong operating performance, limited business profile and marginal enterprise risk management.
The company’s balance sheet strength is underpinned by its risk-adjusted capitalisation, as measured by Best’s Capital Adequacy Ratio, which remains at the strongest level.
However, an offsetting factor to the balance sheet strength assessment is the company’s small absolute capital base, which increases the sensitivity of capital adequacy to shock events.
In addition, AM Best considers the company to have limited financial flexibility, with a dependence on shareholders for financial support, if needed.
Prospectively, AM Best expects NZMPL to maintain favourable operating results supported by a robust underwriting discipline and stable investment returns.
The company is a small and niche insurer in New Zealand, focuses on providing medical indemnity insurance to medical practitioners and health professionals. More details at www.ambest.com
-- BERNAMA
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