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.