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FOR IMMEDIATE RELEASE
SINGAPORE - JANUARY 07, 2020 10:30 AM (EST)
AM Best has withdrawn the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb” of Youi NZ Pty Limited (Youi NZ) (New Zealand) as the company has requested to no longer participate in AM Best’s interactive rating process.
Youi NZ completed a portfolio transfer on Dec. 31, 2019 that resulted in all existing insurance obligations of the company being transferred to Tower Insurance Limited. From Jan. 1, 2020, Youi NZ no longer operates as an insurance company.
AM Best’s procedure is for a final rating opinion to be produced in conjunction with a rating withdrawal. However, because Youi NZ’s balance sheet does not contain any insurance liabilities, AM Best was unable to produce a final rating opinion.
Ratings are communicated to rated entities prior to publication. Unless stated otherwise, the ratings were not amended subsequent to that communication.
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.
AM Best is a global credit rating agency, news publisher and data provider specializing in the insurance industry. The company does business in more than 100 countries. Headquartered in Oldwick, NJ, AM Best has offices in cities around the world, including London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.