SINGAPORE, Feb 14 (Bernama-BUSINESS WIRE) — AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb” (Good) of Pacific International Insurance Pty Limited (Pacific) (Australia). The outlook of these Credit Ratings (ratings) is negative.
The ratings reflect Pacific’s balance sheet strength, which AM Best assesses as adequate, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management (ERM). These ratings also factor in a neutral holding company impact from Pacific’s ultimate ownership by Badger Mutual Wealth (Pty) Ltd (the Badger group), an insurance group domiciled in the Republic of South Africa.