SINGAPORE, Dec 17 (Bernama-BUSINESS WIRE) — AM Best has removed from under review with developing implications and affirmed the Financial Strength Rating ofB++ (Good) and the Long-Term Issuer Credit Rating of “bbb” of Pacific International Insurance Pty Limited (Pacific) (Australia). The outlook assigned to these Credit Ratings (ratings) is stable.
These ratings were placed under review with developing implications in April 2019 following notification to AM Best of a material change in Pacific’s business plans and prospective scope of operations. Historically, Pacific operated as a niche insurer underwriting principally general liability and professional indemnity products for the pest control and building inspection industries in Australia and New Zealand. However, following its acquisition in 2018 by Badger International (Pty) Ltd (Badger), an insurance group domiciled in the Republic of South Africa, Pacific recently acquired the renewal rights to a sizeable portfolio of existing motor business in Australia, distributed by affiliated underwriting agencies of the Badger group. These rating actions follow the conclusion of AM Best’s assessment of the impact of this strategic shift on the credit rating fundamentals of Pacific.
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