Recommend Us | About Us | Back to

News | Financial Calculator | Home Financing | Archived News |


  Welcome to Bernama Banking & Finance Special Page     
Provident Insurance's Credit Ratings Remain Unchanged - A.M. Best
Last update: 13/02/2018

KUALA LUMPUR, Feb 13 (Bernama) --The financial strength rating of Provident Insurance Corp†Ltd (Provident) New Zealand remains at B++ (good) and the long-term issuer credit rating at 'bbb',††while the outlook of these ratings remains stable, according to A.M. Best.

This followed Provident acquiring the business assets of Credit Union Insurance Ltd New Zealand (Co-op), Provident's current underwriter for motor vehicle insurance.

Provident made an initial payment and is underwriting its own motor vehicle policies through Co-op's systems and personnel.

Meanwhile, stage two of the transaction involves the transfer of Co-op's existing book of policies to Provident, pending regulatory approval that is likely to finalise by the next quarter.

Though the acquisition is funded out of Provident's existing capital, A.M. Best expects Provident's risk-adjusted capitalisation, as measured by Best's Capital Adequacy Ratio (BCAR), to remain, in the near term, at a level that is supportive of the current ratings.

The business transition and acquisition payment is expected to complete in the third quarter of 2018.

A.M. Best will continue to monitor the progress of the transaction and evaluate developments for any impact on the ratings.



Islamic Banks eyes bigger trade financing mart share
Maybank†Islamic CEO Mohamed Rafique Appointed IBFIM Chairman

Islamic finance must be proactive to reduce poverty, inequality - Sultan Nazrin

CIMB targets RM200 mln in non-life insurance premiums this year
AAGI, MAB launch AXA SmartAid for the Visually Impaired

Credit ratings of Energas Insurance, stable - A.M. Best

US 3.8890/8920
S'pore 2.9694/9728
100 Yen 3.6214/6252
Sterling 5.5204/5263
Euro 4.8103/8144
Source: Bank Negara Malaysia

Starting April the banks have imposed a 50 sen processing fee on top of the 15 sen stamp duty on each cheque. The fee also applies to those applying for a Bankerís Cheque, Bank Draft and Cashierís Order. Do you think this additional charge is justified?

  Main | News | Insurance

© 2018 BERNAMA. All Rights Reserved. Disclaimer | Privacy Policy| Security Policy
This material may not be published, broadcast, rewritten or redistributed in any form except with the prior written permission of BERNAMA.
Best viewed in Firefox 8.0 & Internet Explorer 8.0 with 1024 x 768 resolution