AM Best Withdraws Credit Ratings of Accuro Health Insurance Society Limited Following Transfer of Accuro’s Health Insurance Portfolio to Unimed
- Written by: iPMI Global
AM Best has withdrawn the Financial Strength Rating of B (Fair) and the Long-Term Issuer Credit Rating of "bb" (Fair) of Accuro Health Insurance Society Limited (Accuro) (New Zealand) as the company no longer operates as an insurance company. At the time of the withdrawal, these Credit Ratings (ratings) were under review with developing implications.
On 31 May 2024, Accuro transferred its insurance portfolio to Union Medical Benefits Society Limited (UniMed). Immediately after this, the Reserve Bank of New Zealand canceled Accuro’s insurance license and Accuro no longer operates as an insurance company. The deal makes UniMed, New Zealand’s third largest health insurer, with 10% of the market and more than 140,000 members.
AM Best’s procedure is for a final rating opinion to be produced in conjunction with a rating withdrawal. However, because Accuro’s balance sheet does not contain any insurance assets or liabilities, AM Best was unable to produce a final rating opinion.
Related: New Zealand: UniMed now New Zealand’s 3rd Largest Health Insurer
Related: New Zealand: Reserve Bank approves Accuro Health Insurance Portfolio Transfer to UniMed
