About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds Other Sites:   depositrates.co.nz  |   landlords.co.nz
Last Article Uploaded: Tuesday, February 9th, 10:01PM
rss
Latest Headlines

GIO's credit rating goes up

Standard and Poors has put GIO's credit rating up to AA following AMP's decision to sell the business to Royal & SunAlliance.

Tuesday, October 2nd 2001, 9:19PM
Standard & Poor’s has raised the insurer financial strength rating on GIO General New Zealand from A to AA-. The new rating has been placed on creditwatch negative from creditwatch developing.

At the same time S&P affirmed the insurer financial strength rating of AA-GIO Insurance at BBB+/Stable/—. The rating actions are based on explicit support from new parent company, Royal & SunAlliance.

RSA has acquired AMP’s New Zealand general insurance business, including GIO General New Zealand and GIO’s 50% share of joint-venture business with New Zealand Automobile Association, AA-GIO Insurance, for $60 million.

While the underwriting activities have been transferred to RSA, AMP retains a role in distribution and customer management. With this acquisition RSA has become the second largest general insurer in New Zealand, ranking behind NRMA-owned State Insurance.

RSA’s New Zealand ratings were placed on creditwatch with negative implications last month following similar actions taken at the RSA group level. The rating actions were based on a review by S&P of the potential effect on capital adequacy of the group’s estimated net exposures stemming from the World Trade Center tragedy.

« More health premium risesHellaby's stake in Club Life to shrink »

Special Offers

Commenting is closed

 

print

Printable version  

print

Email to a friend
Strategy Thoughts
News Bites
Latest Comments
  • Investors offered new way into equities
    “I'd suggest this is an expensive fund, $27 per month subscription fee for investments up to $50,000 (AUD). So that's 0.64%...”
    5 days ago by Another AFA
  • Investors offered new way into equities
    “Whilst I'm a fan of disruptive technologies I also believe that you get what you pay for. It will be interesting to see the...”
    6 days ago by Pragmatic
  • Advisers told: Don't gamble on forex
    “As quoted by British Economist, Ronald Coase “Statistics, when tortured enough will confess to almost everything” Over...”
    8 days ago by Pragmatic
  • Southern Cross to fund preventative treatment
    “Interesting! so join up with Southern Cross, take the test for genetic mutation and collect your $50,000 for surgery (or...”
    14 days ago by Tash
  • OCR cuts to come – but not now
    “"NZIER senior economist Christina Leung believes the RBNZ will make no changes to the OCR until December 2017 when it will...”
    14 days ago by FreedomWatchNZ
Subscribe Now

Cover Notes - Specific news aimed at risk advisers

Previous News

MORE NEWS»

Most Commented On
About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox
 
Site by Web Developer and eyelovedesign.com