SINGAPORE, May 27 (Bernama-BUSINESS WIRE) —AM Best has removed from under review with developing implications and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of nib nz insurance limited (nib nz insurance) (New Zealand). The outlook assigned to these Credit Ratings (ratings) is stable. Concurrently, AM Best has withdrawn the ratings as the company has requested to no longer participate in AM Best’s interactive rating process.
These rating actions follow the completed acquisition of 100% ownership of Kiwi Insurance Limited (Kiwi Insurance) on 29 April 2022, by nib nz holdings limited (nib nz holdings). The transaction, previously announced in November 2021, also includes the establishment of an exclusive relationship with Kiwibank Limited (Kiwibank), which will see the bank refer its retail customers to nib nz holdings for their life insurance needs. Following the transaction, Kiwi Insurance has been renamed as nib nz insurance.