SINGAPORE, June 10 (Bernama-BUSINESS WIRE) -- A.M. Best has upgraded the financial strength rating to A- (Excellent) from B++ (Good) and the issuer credit rating to “a-” from “bbb” of CBL Insurance Limited (CBL) (New Zealand). The outlook for each rating remains stable.
The rating actions reflect significant improvement in CBL’s capital position and risk-adjusted capitalization in 2015, due to continued strong earnings and additional capital contributions from its parent company. In addition, the initial public offering of its ultimate parent company, CBL Corporation Limited (CCL), which occurred in October 2015, has vastly improved the insurance group’s financial flexibility.
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