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AMI Insurance Receives ‘A’

Media Release 27 October 2005

AMI Insurance Receives ‘A’ (EXCELLENT) Financial Strength Rating

AMI Insurance, the largest wholly New Zealand owned fire and general insurer, has had its ‘A’ (excellent) financial strength rating with a positive rating outlook confirmed by rating company A.M. Best Co.

AMI Chief Executive, John Balmforth was pleased, but not surprised by the re-confirmation of AMI’s strong financial position.

“As an insurer that is mutually owned by all our policyholders, financial prudence and financial strength are of the utmost priority. AMI’s tremendous record of customer loyalty is based upon confidence in our financial position along with our great products and unerring commitment to customer care,” said Balmforth.

In commenting on its ‘A’ (Excellent) rating of AMI, A.M. Best endorsed many aspects of AMI’s business and made the following comments:

“The rating reflects AMI’s stable underwriting performance, continued growth of capitalisation, strong distribution capacity and liquid investment portfolio.”

“AMI has established a solid market position in personal lines insurance in New Zealand’s non-life market as a result of its long operating history. Its strong market presence is underpinned by its broad distribution network, with 67 branch offices located throughout New Zealand.”

“AMI has consistently maintained underwriting profitability, notwithstanding significant claim costs arising from the flooding events in the past two years.”

“The company has a highly liquid investment portfolio, with cash, short-term instruments and fixed income securities representing more than 60% of its total assets in 2005. This prudent investment mix has enabled the company to generate a stable stream of investment earnings.”

Mr. Balmforth also paid tribute to staff, customers and AMI’s branch network.

“The staff at AMI deserve enormous credit for the great work they have done in delivering quality, responsive customer care and in building an investment portfolio that has AMI in such good stead.

“It is also great to see A.M. Best recognising the contribution of our branch network to AMI’s strong market position. While other major insurers have withdrawn from their networks, we have maintained a strong presence throughout New Zealand.

“Finally, I want to thank our customers for their ongoing loyalty and commitment to AMI,”said Mr. Balmforth.

ENDS

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