SINGAPORE, June 13 (Bernama-BUSINESS WIRE) -- AM Best has withdrawn the Financial Strength Rating of B (Fair) and the Long-Term Issuer Credit Rating of “bb” (Fair) of Accuro Health Insurance Society Limited (Accuro) (New Zealand) as the company no longer operates as an insurance company. At the time of the withdrawal, these Credit Ratings (ratings) were under review with developing implications.

On 31 May 2024, Accuro transferred its insurance portfolio to Union Medical Benefits Society Limited (UniMed). Immediately after this, the Reserve Bank of New Zealand canceled Accuro’s insurance license and Accuro no longer operates as an insurance company.

AM Best’s procedure is for a final rating opinion to be produced in conjunction with a rating withdrawal. However, because Accuro’s balance sheet does not contain any insurance assets or liabilities, AM Best was unable to produce a final rating opinion.

Ratings are communicated to rated entities prior to publication. Unless stated otherwise, the ratings were not amended subsequent to that communication.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2024 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

View source version on businesswire.com: 
https://www.businesswire.com/news/home/20240612484839/en/

Contact

Yi Ding
Senior Financial Analyst
+65 6303 5021
yi.ding@ambest.com

Chris Lim, FCII, CFA
Associate Director, Analytics
+65 6303 5018
chris.lim@ambest.com

Christopher Sharkey
Associate Director, Public Relations
+1 908 882 2310
christopher.sharkey@ambest.com

Al Slavin
Senior Public Relations Specialist
+1 908 882 2318
al.slavin@ambest.com

Source : AM Best

--BERNAMA