SINGAPORE, Oct 7 (Bernama-BUSINESS WIRE) -- A.M. Best has affirmed the financial strength rating of B+ (Good) and the issuer credit rating of “bbb-” of New Zealand Local Government Insurance Corporation Limited (New Zealand), trading as Civic Assurance (Civic). The outlook for both ratings is negative.
The ratings mainly reflect A.M. Best’s concerns over Civic’s reinsurance recoverable risk, which remains sizable relative to the company’s overall capitalization.
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