Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


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 While other major insurers have withdrawn from their networks, we have maintained a strong presence throughout New Zealand.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.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Smelter: Tiwai Deal Gives Time For Managed Transition

Today’s deal between Meridian and Rio Tinto for the Tiwai smelter to remain open another four years provides time for a managed transition for Southland. “The deal provides welcome certainty to the Southland community by protecting jobs and incomes as the region plans for the future. The Government is committed to working on a managed transition with the local community,” Grant Robertson said. More>>


Economy: Strong Job Ad Performance In Quarter Four

SEEK Quarterly Employment Report data shows a positive q/q performance with a 19% national growth in jobs advertised during Q4 2020, which includes October, November and December. Comparing quarter 4, 2020, with the same quarter in 2019 shows that job ad volumes are 7% lower...More>>

NIWA: 2020 - NZ’s 7th-warmest Year On Record

The nationwide average temperature for 2020, calculated using stations in NIWA’s seven-station temperature series which began in 1909, was 13.24°C (0.63°C above the 1981–2010 annual average). New Zealand’s hottest year on record remains 2016, when... More>>

Quotable Value New Zealand: Property Market Set To Cool From Sizzling To Warm In 2021

Nostradamus himself could not have predicted the strange series of events that befell our world in 2020 – nor the wild trajectory of New Zealand’s property market, which has gone from “doom and gloom” to “boom and Zoom” in record time. Even ... More>>

PriceSpy: Research Reveals How Shopping Behaviours Have Changed This Christmas

According to a new survey* from PriceSpy , almost 50 per cent of Kiwis are looking to shop locally this Christmas in light of Covid-19; The research also found consumers are changing their shopping habits, with one in seven (14 per cent) getting super-organised ... More>>

Commerce Commission: Noel Leeming Group Warned For Making Delivery Representations Without Reasonable Grounds During COVID-19 Lockdown

Noel Leeming Group has been warned by the Commerce Commission for making delivery representations about two products which, in the Commission’s view, it did not have reasonable grounds for at the time the representations were made. The warning ... More>>