SINGAPORE, Dec 20 (Bernama-BUSINESS WIRE) — AM Best has commented that the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-” (Good) of Consumer Insurance Services Limited (CISL) (New Zealand) remain unchanged following the company’s decision to cancel all existing insurance policies.
CISL communicated to its insurance policyholders in recent weeks, informing them of the company’s decision to cancel all remaining card repayment insurance policies from 1 July 2022. In 2019, the company made the decision to cease issuing new insurance policies or renewing insurance policies once they expire. Since then, the number of active policies has significantly reduced and the ultimate parent, humm group limited, has determined that providing insurance is no longer part of its core business.