Standard and Poor's
'A' Financial Strength Rating
Standard and Poor's has assigned to The Hollard Insurance Co. Pty Ltd. the Financial Strength Rating of 'A' (Outlook Stable).
Rating effective 15 November 2023.
The Standard & Poor's rating scale is:
AAA Extremely Strong
AA Very Strong
CCC Very Weak
CC Extremely Weak
C Selective Default
The rating may be modified by the addition of a plus or minus sign to show relative standing within the major rating categories.
The rating scale above is in summary form. A full description of this rating scale can be obtained from www.standardandpoors.com.
'A-' Financial Strength Rating
A.M. Best has affirmed the Financial Strength Rating of A- (Excellent) for The Hollard Insurance Company Pty Ltd (Australia) with a stable outlook.
Rating effective 30 March 2023.
The AM Best rating scale is:
A++, A+ (Superior)
A, A- (Excellent)
B++, B+ (Good)
C++, C+ (Marginal)
C, C- (Weak)
E (Under Regulatory Supervision)
F (In Liquidation)
The rating scale above is a summary and further information on these ratings is available at www.ambest.com.
If you are insured with Hollard in NZ, an overseas policyholder preference applies. Under Australian law, if The Hollard Insurance Company Pty Ltd is wound up, its assets in Australia must be applied to its Australian liabilities before they can be applied to overseas liabilities. To this extent, New Zealand policyholders may not be able to rely on The Hollard Insurance Company Pty Ltd’s Australian assets to satisfy New Zealand liabilities.
Capital Adequacy Disclosures
Under APRA's Prudential Standard GPS 110 Capital Adequacy, Hollard is required to publish, at least annually, information to improve the understanding of its capital adequacy by policyholders and other market participants. The following information fulfils this requirement for the general insurer The Hollard Insurance Company (HIC) Pty Ltd, Hollard Insurance Partners Pty Ltd and the Level 2 Insurance Group Hollard Holding Australia Pty Ltd.
As at 30 June 2023, our capital adequacy filed with APRA is as follows:
As a licenced insurer in New Zealand, HIC is required to disclose the home jurisdiction equivalent of the following items under the RBNZ's solvency framework.
Given the Australian home jurisdiction of HIC, the equivalents under APRA prudential standards are provided.