tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Saturday, March 15th, 3:01PM

Insurance

rss
Latest Headlines

S&P confirms Lumley's ratings

A protected sales process of the Lumley insurance businesses in Australia and New Zealand is impacting on its S&P rating.

Friday, May 2nd 2003, 1:29AM
Standard & Poor's has affirmed its 'A' insurer financial strength and counterparty credit ratings on Lumley General Insurance, Lumley General Insurance (NZ), and Lumley Life and removed them from CreditWatch with developing implications where they were placed on November 6.

The outlook on the long-term rating is developing, indicating that ratings could be raised, lowered, or affirmed, depending on the final structure and ownership of the rated entities should they be eventually sold.

While the shareholders of Edward Lumley Holdings are considering their divestment options for the Lumley group's Australian and New Zealand assets, the affirmation of the ratings, along with the developing outlook, reflects a potentially protracted sale process.

"The ratings on Lumley's Australian and New Zealand companies will ultimately be impacted by the credit strength of the successful buyer, and the structure and composition of the operations following the sale," Standard and Poor’s Financial Services Ratings director Peter Sikora says.

"Ratings on the Australia- and New Zealand-based Lumley entities, however, may revert to CreditWatch status if the credit impact of any eventual sale is unclear."

The 'A' ratings on the Lumley entities reflect their sound business and financial profile in the region, which include good niche market positions, a track record of profitability, and sound capitalisation and balance-sheet structure.

« Dated life insurance law to be reviewedUnderstanding the insurance market »

Special Offers

Commenting is closed

 

print

Printable version  

print

Email to a friend
Insurance Briefs

nib launch dates announced
nib Ultimate Life & Living will be launching on the March 28.

Gut on you Asteron
Asteron Life joins forces with the Gut Foundation as platinum sponsor.

Partners exits Adviser Support Programme
Partners Life has moved its Adviser Support Programme to a third party compliance provider.

Apex Advice buys life business
Auckland-based Apex Advice has acquired a well-established insurance advice business.

News Bites
Latest Comments
Subscribe Now

Cover Notes - Specific news aimed at risk advisers

Previous News
Most Commented On
About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox  |  Disclaimer
 
Site by Web Developer and eyelovedesign.com
x