Civic Assurance boss: 'everything will be fine'

Thu, 19 Jul 2012

July 19 (BusinessDesk) - Questions from reinsurers that have prompted a possible downgrade warning for local government-owned Civic Assurance are "just a precautionary thing," says Civic chief executive Tim Sole. Global insurance credit rating agency A.M. Best yesterday issued a statement saying Civic's B++ (good) credit rating was under review, with negative outlook because of the potential for dispute with its reinsurers, who were heavily hit by damage to local government infrastructure caused by the Canterbury earthquakes. Speaking from F...

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