Gordian RunOff Ltd. (New Zealand Branch)
- ID: 1754029
- May 2011
- Region: New Zealand
- Standard & Poors
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
Very strong capitalization and reserving Specialized run-off business model and experienced management team Degree of operational and regulatory separation from unrated parent Inherent risk relating to the future uncertainty and lack of flexibility of a run-off business Acquisition-based growth strategy The 'BBB' insurer financial strength rating on Gordian RunOff Ltd. (New Zealand Branch) (Gordian NZ), reflects its status as a registered branch of Australia-based Gordian Runoff Ltd. (Gordian, not rated). Gordian operates a closed portfolio of long-tail direct insurance and reinsurance business that was originated by AMP Ltd. more than 10 years ago and subsequently placed in run off. In our assessment, Gordian benefits from its very strong capitalization and reserving, which is enforced through strong regulation. This local regulation...
Companies mentioned in this report are: Gordian RunOff Ltd. (New Zealand Branch)