A.M. Best Withdraws Credit Ratings of New Zealand Local Government Insurance Corporation Limited

SINGAPORE--(BUSINESS WIRE)-- A.M. Best has withdrawn the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-” of New Zealand Local Government Insurance Corporation Limited (New Zealand), also known as Civic Assurance (Civic).

Civic’s provisional license has been cancelled by The Reserve Bank of New Zealand under the Insurance (Prudential Supervision) Act 2010. Because the company is no longer providing insurance coverage in New Zealand, the associated ratings have been withdrawn for administrative purposes.

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 A.M. 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 A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings.

A.M. Best is the world’s oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.

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A.M. Best

Larina Huang, +65 6589 8400, ext. 218

Associate Financial Analyst

larina.huang@ambest.com

or

Jason Shum, +65 6589 8400, ext. 217

Senior Financial Analyst

jason.shum@ambest.com

or

Christopher Sharkey, +1 908-439-2200, ext. 5159

Manager, Public Relations

christopher.sharkey@ambest.com

or

Jim Peavy, +1 908-439-2200, ext. 5644

Director, Public Relations

james.peavy@ambest.com

Source: A.M. Best Rating Services, Inc.