Initio is underwritten by Lumley, a business division of IAG New Zealand Limited, which has received a financial strength rating of AA- from Standard & Poor’s (Australia) Pty Ltd, an approved rating agency.
A rating of AA- means we have a ‘Very Strong’ claims paying ability, as you can see in the scale below.
The rating scale is:
| AA | (Very Strong) |
| A | (Strong) |
| BBB | (Good) |
| BB | (Marginal) |
| B | (Weak) |
| CCC | (Very Weak) |
| CC | (Extremely weak) |
| SD | (Selective Default) |
| D | (Default) |
| R | (Regulatory Supervision) |
| NR | (Not Rated) |
The ratings from ‘AA’ to ‘CCC’ may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the major rating categories.
The rating scale above is in summary form. A full description of this rating scale can be obtained from www.standardandpoors.com.
Posted in: Account & Policy Changes