Tower Insurance has had its financial strength rating of ‘A-’ (Excellent) and its long-term issuer credit rating of ‘a-’ reaffirmed by global ratings firm AM Best Company. The outlook of these ratings is stable.

AM Best said that the ratings reflect Tower’s strong balance sheet, adequate continued performance, and solid reinsurance approach. The ratings firm noted that the ratings also show Tower’s balance sheet as being very strong, which complements the insurer’s operating performance, neutral business profile, and appropriate enterprise risk management.

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Michael Stiassny, chairman of Tower Insurance, welcomed the news and credited the achievement to strong business performance.

“AM Best’s announcement confirms our view that the transformation of Kiwi insurer Tower is delivering results and that the business is strong and performing well,” said Stiassny.