A.M. Best Withdraws Ratings of Pioneer Insurance Company Limited

OLDWICK, N.J.--(BUSINESS WIRE)-- A.M. Best Co. has affirmed the financial strength rating (FSR) of B (Fair) and issuer credit rating (ICR) of “bb” of Pioneer Insurance Company Limited (Pioneer) (New Zealand). The outlook for both ratings is stable. Concurrently, A.M. Best has withdrawn the ratings at the company’s request and assigned an NR-4 to the FSR and an “nr” to the ICR.

The ratings reflect Pioneer’s weak operating performance resulting from poor past underwriting standards and costs associated with the re-organization of the company.

Offsetting these rating factors are improvements in Pioneer’s management and internal control, rationalized book of business and moderate risk-adjusted capitalization.

For Best’s Credit Ratings, an overview of the rating process and rating methodologies, please visit www.ambest.com/ratings.

The principal methodologies used in determining these ratings, including any additional methodologies and factors that may have been considered, can be found at www.ambest.com/ratings/methodology.

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 Company
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

Source: A.M. Best Company