Oldwick, New Jersey (BUSINESS WIRE) - A.M. Best Co. has affirmed the financial strength rating (FSR) of B (Fair) and the issuer credit rating (ICR) of "bb" of Pioneer Insurance Company Limited (Pioneer) (New Zealand). The ratings have been removed from under review with developing implications and assigned a stable outlook.
These rating actions follow the NZD 8.4 million (USD 6.6 million) injection of funds over the past year, of which NZD 2.523 million (USD 1.98 million) was in the form of convertible capital notes. The ratings also reflect the substantial operation, management and corporate governance improvements that Pioneer's new owner, the New Zealand Association of Credit Unions, has effected.
A.M. Best remains cautious of Pioneer's ability to maintain its current weak business profile in light of the strong competition within its market niche. Nonetheless, A.M. Best expects Pioneer will maintain a favorable risk-adjusted capitalization and operating performance relative to its current rating level.
For Best's Ratings, an overview of the rating process and rating methodologies, please visit www.ambest.com/ratings.
Founded in 1899, A.M. Best Company is a global full-service credit rating organization dedicated to serving the financial and health care service industries, including insurance companies, banks, hospitals and health care system providers.
For more information, visit www.ambest.com.
A.M. Best Co. Analysts Philip Chung, CFA, +852-2827-3409 philip.chung@ambest.com
or Terrence Wong, +852-2827-3403 terrence.wong@ambest.com
or Public Relations Jim Peavy,+(1) 908-439-2200, ext. 5644 james.peavy@ambest.com
or Rachelle Morrow,+(1) 908-439-2200, ext. 5378 rachelle.morrow@ambest.com
These rating actions follow the NZD 8.4 million (USD 6.6 million) injection of funds over the past year, of which NZD 2.523 million (USD 1.98 million) was in the form of convertible capital notes. The ratings also reflect the substantial operation, management and corporate governance improvements that Pioneer's new owner, the New Zealand Association of Credit Unions, has effected.
A.M. Best remains cautious of Pioneer's ability to maintain its current weak business profile in light of the strong competition within its market niche. Nonetheless, A.M. Best expects Pioneer will maintain a favorable risk-adjusted capitalization and operating performance relative to its current rating level.
For Best's Ratings, an overview of the rating process and rating methodologies, please visit www.ambest.com/ratings.
Founded in 1899, A.M. Best Company is a global full-service credit rating organization dedicated to serving the financial and health care service industries, including insurance companies, banks, hospitals and health care system providers.
For more information, visit www.ambest.com.
A.M. Best Co. Analysts Philip Chung, CFA, +852-2827-3409 philip.chung@ambest.com
or Terrence Wong, +852-2827-3403 terrence.wong@ambest.com
or Public Relations Jim Peavy,+(1) 908-439-2200, ext. 5644 james.peavy@ambest.com
or Rachelle Morrow,+(1) 908-439-2200, ext. 5378 rachelle.morrow@ambest.com
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