KUALA LUMPUR, March 23 (Bernama) -- A.M. Best has affirmed the financial strength rating of B+ (good) and the long-term issuer credit rating of 'bbb-' of New Zealand Medical Professionals Ltd (NZMPL) New Zealand.
A.M. Best, in a statement, said the outlook of these credit ratings is stable.
The ratings reflect NZMPL's balance sheet strength, which A.M. Best categorised as adequate, as well as its strong operating performance, limited business profile and marginal enterprise risk management.
NZMPL's balance sheet strength is supported by solid risk-adjusted capitalisation, as measured by Best's Capital Adequacy Ratio.
NZMPL has a track record of strong underwriting performance and stable investment income, with a five-year average operating ratio of 49 per cent, driven mainly by its favourable claims experience due to the underlying product risk profile and low average claims size.
The company also benefits from a competitive expense ratio by offering its products through an affiliation with the New Zealand Resident Doctors' Association.
NZMPL is a small-sized insurer in New Zealand that focuses on providing medical malpractice insurance to medical practitioners and health professionals.
Prospectively, A.M. Best expects the company to continue delivering stable earnings, supported by steady revenue growth, favourable claims experience and a low expense ratio in the near term.
A.M. Best is the world's oldest and most authoritative insurance rating and information source.
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