Fitch Ratings has been appointed as an approved agency for rating New Zealand insurance companies.
It was formally appointed by the New Zealand Registrar of Companies.
Under the Insurance Companies (Ratings and Inspections) Act 1994, insurers selling general or disaster insurance in New Zealand are required to obtain a rating from an approved agency.
Andrew Smith, managing director for Australasia for Fitch, said the approved agency status was a “significant step in the development of Fitch's presence in the New Zealand market”.
