SINGAPORE, April 11 (Bernama-BUSINESS WIRE) -- A.M. Best has revised the outlooks to stable from negative and affirmed the financial strength rating (FSR) of B+ (Good) and the issuer credit rating (ICR) of “bbb-” of New Zealand Local Government Insurance Corporation Limited (New Zealand), trading as Civic Assurance (Civic).
The revised outlooks for the FSR and ICR mainly reflect Civic’s substantial reduction of reinsurance counterparty risk following the settlement of Canterbury earthquake claims between Christchurch City Council, Civic and its panel of reinsurers.
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