KUALA LUMPUR, May 4 -- Global credit rating agency, AM Best has affirmed the Financial Strength Rating of B (fair) and the Long-Term Issuer Credit Rating of ‘bb+’ of Quest Insurance Group Limited (Quest) New Zealand.
The outlook of these Credit Ratings is stable, according to a statement.
The ratings reflect Quest’s balance sheet strength, which AM Best categorised as adequate, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.
The ratings also factor in a neutral impact from the company’s ultimate majority ownership by Federal Pacific Group Limited.
Quest’s balance sheet strength is underpinned by its risk-adjusted capitalisation, which AM Best expects to remain at least at the very strong level over the medium term, as measured by Best’s Capital Adequacy Ratio, supported by internal capital generation from positive prospective earnings.
The company has a track record of adequate operating performance, as evidenced by a five-year average return-on-equity ratio of 9.8 per cent (fiscal-years 2015 to 2019).
AM Best expects prospective performance to remain supportive of the adequate assessment over the medium term, driven by positive underwriting results and solid investment returns.
More details at www.ambest.com.
-- BERNAMA
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