SINGAPORE, June 12 (Bernama) -- A.M. Best has upgraded the financial strength rating to B++ (Good) from B+ (Good) and the issuer credit rating to "bbb" from "bbb-" of CBL Insurance Limited (CBL) (New Zealand). The outlook for the ratings has been revised to stable from positive.
The rating actions mainly recognize CBL's continued strong earnings trend driven by profitable underwriting, which has enabled it to consistently grow its capital base and regulatory solvency position. Additionally, the rating upgrade acknowledges CBL's demonstrated capability of underwriting niche insurance lines that are expected to achieve favorable loss and combined ratios.
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