Civic Assurance risks downgrade as stoush with reinsurers looms

Tue, 17 Jul 2012

By Pattrick Smellie July 18 (BusinessDesk) - Local government insurer Civic Assurance faces a "potential dispute" with its reinsurers over $700 million-plus of reinsurance claims generated by the Christchurch earthquakes, leading credit rating agency A.M. Best to announce a "review with negative implications." While A.M. Best reiterated Civic's current rating of B++ for now, it said the insurer's $4.2 million capital raising in February could be insufficient, depending on the size of any dispute with its international reinsurers. Civic had...

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