Lumley General Insurance (N.Z.) Ltd. Jan 11

Standard & Poors, January 2011

Abstract
Niche position in the New Zealand market Management successfully implementing a turnaround strategy Conservative financial policy Competitive insurance market in New Zealand Economic and weather-related volatility The 'A-' rating on Lumley General Insurance (N.Z.) Ltd. (LGNZ) reflects the insurer's position as a midsize non-life niche insurer in New Zealand with strong capital and a conservative reinsurance and investment profile. It is rated higher than its parent, Australia-based diversified industrial conglomerate Wesfarmers Ltd. (Wesfarmers; BBB+/Positive/A-2). Moderating factors include the competitive New Zealand insurance market, which has been exacerbated by a weakened economic environment and event-related volatility. LGNZ focuses on risks that require specialized underwriting skills, particularly in the commercial motor, engineering, liability, and marine market segments. It has also diversified into...

Companies mentioned in this report are:
- Lumley General Insurance (N.Z.) Ltd.
- Westpac Banking Corp.
- Wesfarmers General Insurance Ltd.
- Wesfarmers 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

- Lumley General Insurance (N.Z.) Ltd.
- Westpac Banking Corp.
- Wesfarmers General Insurance Ltd.
- Wesfarmers Ltd.

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