UniMed's Credit Ratings Remained Unchanged - AM Best

KUALA LUMPUR, Oct 6 (Bernama) -- New Zealand’s Union Medical Benefits Society Limited (UniMed) financial strength rating of A (Excellent) and “a” (Excellent) long term issuer credit rating which were affirmed on Sept 29, remained unchanged, according to global credit rating agency, AM Best.

This move follows the recently announced Letter of Intent to transfer the insurance portfolio of Accuro Health Insurance Society Limited (Accuro) to UniMed.

In a statement, AM Best said the outlook of these credit ratings (ratings) was stable.

Accuro, like UniMed, is a mutual company writing medical insurance in New Zealand. The proposal to undertake the portfolio transfer remains subject to a vote by Accuro members and regulatory approval by the Reserve Bank of New Zealand.

Subject to receiving these confirmations, the transaction is expected to be completed during the second quarter of 2024 (the fourth quarter of UniMed’s 2024 fiscal year ending 30 June).

Following the portfolio transfer, all Accuro members would become members of UniMed, with their existing cover and benefits remaining in place.

As the transaction progresses, AM Best will monitor the impact on UniMed’s operations and rating fundamentals.

-- BERNAMA