& Sun Alliance Accident Insurance Limited
Pursuant to clause 8 (1) of the Insurance Companies (Ratings and Inspections) Act 1994, Standard & Poor's (Australia) Pty Limited has upgraded its insurer financial strength and counter-party credit ratings on Royal
& Sun Alliance Insurance (New Zealand) Limited,
Royal & Sun Alliance Liability Insurance Limited and Royal & Sun Alliance Accident Insurance Limited to "A" from "A-" on 22 May 2003.
The rating is defined as strong.
The new higher rating will also apply to International Marine (IMIA), Axiom and Mariner policies (all of
which are underwritten by Royal & Sun Alliance Insurance
(New Zealand) Limited).
Our former rating of "A-", with a developing outlook, reflected the uncertainty of the Promina IPO.
However, the IPO has been successful, with the result that we are now rated "A" (strong) with a stable outlook.
As Standard & Poor's credit analyst Michael Vine acknowledged:
"The strong ratings reflect Promina's solid business fundamentals, geographic and product diversity, and well-recognised franchise, which are supported by a strong capital structure and supportive reinsurance arrangements."
ROGER BELL, Chief Executive, Royal & Sun Alliance Insurance (New Zealand) Limited.