AM BEST WITHDRAWS NEW ZEALAND’S ACCURO HEALTH INSURANCE SOCIETY CREDIT RATINGS

KUALA LUMPUR, June 13 (Bernama) -- Global credit rating agency, AM Best has withdrawn the financial strength rating of B (Fair) and the long-term issuer credit rating of “bb” (Fair) of New Zealand’s Accuro Health Insurance Society Limited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) as the company ceased operations as an insurance provider.

In a statement, AM Best said at the time of the withdrawal, these credit ratings (ratings) were under review with developing implications.

On May 31, Accuro transferred its insurance portfolio to Union Medical Benefits Society Limited (UniMed).

Immediately after this, the Reserve Bank of New Zealand cancelled Accuro’s insurance licence and the business is no longer in operation as an insurance company.

The credit rating agency’s procedure is for a final rating opinion to be produced in conjunction with a rating withdrawal.

However, since Accuro’s balance sheet does not contain any insurance assets or liabilities, the rating agency was unable to produce a final rating opinion.

Headquartered in the United States, AM Best does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.

-- BERNAMA