|        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Saturday, July 11th, 12:05PM


Latest Headlines

Partners gets an upgrade from AM Best

Partners Life has had its credit rating upgraded on the back of strong earnings and an investment from Blackstone Group.

Thursday, March 23rd 2017, 12:53PM 1 Comment

AM Best has upgraded Partners credit rating from bbb to bbb+ and it has affirmed the Financial Strength Rating of B++ (Good).

"The rating actions reflect significant improvement in Partners Life’s capital position, due to continued strong earnings and significant capital contribution. In addition, the $200 million investment from the Blackstone Group has improved Partners Life’s financial flexibility," AM Best says..

"Partners Life continues to maintain its status as New Zealand’s second-largest life insurer in terms of new business market share. Its continued growth is due to a number of competitive advantages, including a more-efficient cost structure, strong recognition within the financial adviser channel and expertise within its core business.

Partners Life managing director Naomi Ballantyne says, “We are pleased to have received an uplift of our Issuer Credit Rating. As a young company our rating was always constrained. Having now reached our five-year milestone, the continued strong earnings performance of the company, coupled with Blackstone’s $200 million capital commitment, has led AM Best to this ratings upgrade.”

Sean Kam, Partners Life CFO, says, “Blackstone’s investment gives us incredible financial flexibility. The investment was completed late last year and we are working through our plans to best use the capital. We anticipate that AM Best will give us further credit for this as we begin to deploy the capital over the next 12 to 18 months.”

AM Best says "a major offsetting rating factor is the quality of capital, stemming from high reinsurance dependency as a result of utilising reinsurance to manage its cash flow requirements. Furthermore, AM Best remains cautious of Partners Life’s inherent distribution concentration risk, since it relies on a limited number of dealer groups to generate a large portion of its new business premiums."

Tags: AM Best Naomi Ballantyne Partners Life

« Kiwi company attracts $200 million global investmentOlder people priced out of insurance »

Special Offers

Comments from our readers

On 23 March 2017 at 2:26 pm Donald said:
It is my belief a bad egg will always be exactly that no matter what application forms are used. To some degree the Partners application is not dissimilar to a short form app and this will have a place in certain instances and as mentioned above has a number of sign off's required. However I favour the certainty at claim time for my clients with fully under written client policies. It is the lack of understanding of the purpose of the fast app that may see some advisers unwittingly compromising their clients.

Sign In to add your comment



Printable version  


Email to a friend
Insurance Briefs

Less stressed during lockdown
New Zealander’s health and wellbeing had surprising benefits from the Covid-19 lockdown.

Southern Cross supports new safe haven for at-risk pets
Southern Cross Pet Insurance has teamed up with Pet Refuge to provide temporary shelter for animals affected by family violence.

nib Foundation supports Lifeline to the tune of $150,000
To support the growing mental health needs of Kiwis emerging from the Covid-19 pandemic, Lifeline Aotearoa has increased its service capacity thanks to a $150,000 grant from nib foundation, the charitable arm of nib New Zealand (nib).

Southern Cross halves staff numbers
Southern Cross Travel Insurance is slashing its staff numbers from 90 to 45 people.

News Bites
Latest Comments
  • Harking back to the old days
    “Tactical move by CIGNA and looks like they have a lot of bench strength now in sales, underwriting and product / pricing...”
    2 days ago by hitting rock
  • Greens want ACC extended to cover sickness
    “Never happen. The Greens are such an aspirational bunch. Must all the weed. They 'want' all sorts of unlikely things...”
    2 days ago by All hat no cattle
  • Harking back to the old days
    “Really positive news. NZ has been blessed by many successful leaders and it is good that their skills can skill be utilised...”
    2 days ago by Francis L
  • Harking back to the old days
    “I dare say Cigna just got that extra grunt it's been looking for....”
    2 days ago by Matron
  • Greens want ACC extended to cover sickness
    “The Greens have no idea The purpose of the Woodhouse report was to remove the "at fault" component of accidents Sickness...”
    3 days ago by LNF
Subscribe Now

Cover Notes - Specific news aimed at risk advisers

Previous News


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