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Wellington, December 20, 2017
A M Best has upgraded the Financial Strength Rating of Cigna Insurance New Zealand Limited to A (Excellent) from A-(Excellent).
The outlook of this rating is stable.
Strong Balance Sheet
Cigna Head of Finance Mark Schollum said that the upgrade confirmed Cigna’s strong balance sheet and the underlying long-term sustainability of the company’s business for the benefit of its customers.
“Cigna is committed to doing the best it can for New Zealanders and this upgrade is testament to the work we have put in to ensure we can continue to provide for our customers’ needs,” he said.
Support from Cigna USA
A M Best said in a statement that the rating upgrade reflected the implicit support that Cigna Insurance New Zealand receives from its ultimate US parent company, Cigna Corporation (Cigna).
They also said: “CLINZ’s risk-adjusted capitalisation, as measured by Best’s Capital Adequacy Ratio (BCAR), remains solid. The company has favourable balance sheet liquidity, supplemented by positive operating cash flows. In addition, the company has maintained a track record of positive underwriting results and stable investment income.”
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