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AA Insurance Ltd. May 11
Standard & Poors, May 2011
Abstract
Core status within Suncorp Group Ltd. Strong branding and distribution network through the New Zealand Automobile Association Intense competition in New Zealand's personal insurance segment Concentrated business profile The rating on New Zealand-based insurer AA Insurance Ltd. (AAIL; A+/Stable/--) reflects our opinion of the company's core status within, and combined strength of, the Suncorp Group Ltd. companies. We consider AAIL to be a core entity of the Suncorp Group Ltd. group. The company is indirectly 68% owned by Suncorp Group Ltd. through Suncorp's wholly-owned subsidiary, Vero Insurance New Zealand Ltd. (Vero NZ; A+/Stable/--), with the remainder owned by the New Zealand Automobile Association (NZAA; not rated). While AAIL is a joint-venture partnership, the company remains highly integrated with Suncorp Group...
Companies mentioned in this report are: AA Insurance Ltd.,Vero Insurance New Zealand Ltd.
Action: Review
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
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