A.M. Best Affirms Rating of Tasman Pacific Insurance Limited, Removes From Under Review and Withdraws Rating.OLDWICK, N.J. -- A.M. Best Co. has affirmed the financial strength rating (FSR (Free System Resource) In Windows 3.x, the amount of unused memory in various 64K blocks reserved for managing current applications. Every open window takes some space in this area. See Windows memory limitation. ) of B- (Fair) and removed the rating from under review for Tasman Pacific Insurance Limited (Tasman) (New Zealand New Zealand (zē`lənd), island country (2005 est. pop. 4,035,000), 104,454 sq mi (270,534 sq km), in the S Pacific Ocean, over 1,000 mi (1,600 km) SE of Australia. The capital is Wellington; the largest city and leading port is Auckland. ). The rating has been assigned a negative outlook. The rating affirmation and the removal of the under review status reflect A.M. Best's review of Tasman's recent operation development. The rating reflects the company's relatively weak risk-adjusted capitalization and the significant deterioration de·te·ri·o·ra·tion n. The process or condition of becoming worse. in its distribution capability as a result of Provincial Finance Limited being placed in receivership receivership In law, state of being in the hands of a receiver, a person appointed by the court to administer, conserve, rehabilitate, or liquidate the assets of an insolvent corporation for the protection or relief of creditors. . A.M. Best understands that Tasman no longer writes new risks. Subsequently, A.M. Best has withdrawn the rating and assigned a rating of NR-4 (Company Request) in response to management's request that Tasman be removed from A.M. Best's interactive rating process. For Best's Ratings Best's rating A rating A.M. Best Co. assigns to insurance companies based on the company's ability to meet its obligations to its policyholders. , an overview of the rating process and rating methodologies, please visit www.ambest.com/ratings. A.M. Best Co., established in 1899, is the world's oldest and most authoritative insurance rating and information source. For more information, visit A.M. Best's Web site at www.ambest.com. |
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