SINGAPORE, Oct 6 (Bernama-BUSINESS WIRE) — AM Best has placed under review with developing implications the Financial Strength Rating of B (Fair) and the Long-Term Issuer Credit Rating of “bb” (Fair) of Accuro Health Insurance Society Limited (Accuro) (New Zealand).
These Credit Rating (rating) actions follow the announcement on 28 September 2023, that the Boards of Union Medical Benefits Society Limited (UniMed) and Accuro have signed a Letter of Intent to transfer the Accuro insurance portfolio to UniMed. The portfolio transfer is subject to Accuro members first voting in support and then regulatory approval by the Reserve Bank of New Zealand. If this approval is received, then the aim is to complete the transaction in early 2024.