AM Best Places Credit Ratings of Accuro Health Insurance Society Limited Under Review With Developing Implications

Business Wire

SINGAPORE--(BUSINESS WIRE)--
AM Best has placed under review with developing implications the Financial Strength Rating of B (Fair) and the Long-Term Issuer Credit Rating of “bb” (Fair) of Accuro Health Insurance Society Limited (Accuro) (New Zealand).

These Credit Rating (rating) actions follow the announcement on 28 September 2023, that the Boards of Union Medical Benefits Society Limited (UniMed) and Accuro have signed a Letter of Intent to transfer the Accuro insurance portfolio to UniMed. The portfolio transfer is subject to Accuro members first voting in support and then regulatory approval by the Reserve Bank of New Zealand. If this approval is received, then the aim is to complete the transaction in early 2024.

The ratings have been placed under review with developing implications, as AM Best needs to assess the impact of the planned transaction on Accuro’s rating fundamentals. The ratings will remain under review pending completion of the transaction, and until AM Best can assess the post-transaction rating fundamentals of Accuro fully.

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.