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HIH betters its Australian parent

HIH has been given a better credit rating than its Australian parent company and it has had a bumper year.

Thursday, December 7th 2000, 11:49AM

by Philip Macalister

Major risk insurer HIH Casualty and General Insurance has had a good week this week. Firstly ratings agency Standards and Poors lifted its negative CreditWatch rating and assigned it a higher credit rating than its Australian parent company.

Secondly, it has produced record turnover and profit for the year to June 30, 2000.

During that period the company increased its revenue from premiums and commissions 38% to $114 million while consolidated after-tax profit rose 410% to $22.1 million.

"A consolidated underwriting surplus of $3.9 million was augmented by $11.6 million of investment and other income, and a tax credit of $6.6 million," managing director Ross Chapman says.

The Standards and Poor's upgrading was largely the result of HIH's new strong stand-alone financial structure. This included the appointment of an independent supervisor to control company distributions and ensure that HIH's assets and income continue to support its A- rating, Chapman says.

During the year HIH released several new risk products including New Zealand's first private legal aid insurance cover, Self Defence, and an employee rights product that gives employees access to expert help in resolving employment disputes without having to be members of a trade union.

HIH has also been very active in supporting employers in the wake of changes to ACC legislation, Chapman says.

« Tower buys AXA HealthAIA's parent becomes No.1 »

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