KUALA LUMPUR, Oct 6 (Bernama) -- AM Best has placed under review with developing implications the Financial Strength Rating of B (Fair) and the Long-Term Issuer Credit Rating of “bb” (Fair) of New Zealand’s Accuro Health Insurance Society Limited (Accuro).
These credit ratings (ratings) follow the announcement on Sept 28, that the Boards of Union Medical Benefits Society Limited (UniMed) and Accuro have signed a Letter of Intent to transfer the Accuro insurance portfolio to UniMed.
The portfolio transfer is subject to Accuro members first voting in support and then regulatory approval by the Reserve Bank of New Zealand.
Global credit rating agency, AM Best in a statement said if this approval is received, then the aim is to complete the transaction in early 2024.
The ratings have been placed under review with developing implications, as the rating agency needs to assess the impact of the planned transaction on Accuro’s rating fundamentals.
Furthermore, the ratings will remain under review pending completion of the transaction, and until AM Best can assess the post-transaction rating fundamentals of Accuro fully.
-- BERNAMA
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