Best Places Tasman Pacific Rating Under Review/Negative

A.M. Best Co. has placed the financial strength rating of “B+” (Very Good) of New Zealand’s Tasman Pacific Insurance Limited under review with negative implications.

Best said it “is concerned with the negative developments of Tasman’s sister company, Provincial Finance and its subsidiaries, which were recently placed in receivership by Perpetual Trust. The action taken by Perpetual Trust is expected to adversely affect Tasman’s business operation.”

Best also indicated that it expects to resolve the under review status in the short term.