AM Best Comments on Credit Ratings of Union Medical Benefits Society Limited

SINGAPORE--(BUSINESS WIRE)--
AM Best has commented that the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of Union Medical Benefits Society Limited (UniMed) (New Zealand), which were affirmed on 29 September 2023, remain unchanged following the recently announced Letter of Intent to transfer the insurance portfolio of Accuro Health Insurance Society Limited (Accuro) to UniMed. The outlook of these Credit Ratings (ratings) is stable.

Accuro, like UniMed, is a mutual company writing medical insurance in New Zealand. The proposal to undertake the portfolio transfer remains subject to a vote by Accuro members and regulatory approval by the Reserve Bank of New Zealand. Subject to receiving these confirmations, the transaction is expected to be completed during the second quarter of 2024 (the fourth quarter of UniMed’s 2024 fiscal year ending 30 June). Following the portfolio transfer, all Accuro members would become members of UniMed, with their existing cover and benefits remaining in place.

As the transaction progresses, AM Best will monitor the impact on UniMed’s operations and rating fundamentals.

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 AM 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 AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2023 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

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Isaac Yeo
Associate Financial Analyst

+65 6303 5019

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Christopher Sharkey
Associate Director, Public Relations

+1 908 882 2310

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Michael Dunckley, CFA

Associate Director, Analytics

+44 20 7397 0312

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Al Slavin
Senior Public Relations Specialist

+1 908 882 2318

[email protected]

Source: AM Best