SINGAPORE–(BUSINESS WIRE)–AM Best has affirmed the Financial Strength Rating of B (Fair) and the Long-Term Issuer Credit Rating of \u201cbb+\u201d (Fair) of Quest Insurance Group Limited (Quest) (New Zealand). The outlook of these Credit Ratings (ratings) is stable.\n<\/p>\n
<\/a><\/p>\n \nThe ratings reflect Quest\u2019s balance sheet strength, which AM Best assesses as adequate, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management (ERM). In addition, the ratings factor in a neutral impact from the company\u2019s ultimate majority ownership by Federal Pacific Group Limited.\n<\/p>\n \nQuest\u2019s balance sheet strength assessment is underpinned by its risk-adjusted capitalisation, which was at the strongest level as at fiscal year 2022, as measured by Best\u2019s Capital Adequacy Ratio (BCAR). The company\u2019s underwriting risk has increased significantly in recent years due to strong portfolio growth. However, this was partially offset by its improved asset quality following the sale of an underlying asset in an illiquid private equity investment in fiscal year 2021. The current asset allocation of cash, term deposits and affiliated loans is expected to remain largely unchanged over the medium term. Offsetting balance sheet strength factors include the company\u2019s small absolute capital base, which increases the sensitivity of risk-adjusted capitalisation to stress scenarios and changes in future performance, business growth and dividend payouts.\n<\/p>\n \nAM Best assesses Quest\u2019s operating performance as adequate and notes its moderate level of volatility. The company has a five-year average return-on-equity ratio of 18.8% (fiscal years 2018 to 2022) and the overall earnings during this period reflect a combination of robust underwriting performance and positive investment returns. The company\u2019s underwriting performance has improved over the past two years largely due to a lower expense ratio despite a deterioration in its loss ratio. The improved expense ratio was mainly driven by economies of scale, as well as a lower commission rate due to changes in product mix and the earnings pattern of premium for long duration products as those policies mature. However, recent rapid business growth in the company\u2019s less profitable comprehensive vehicle insurance (CVI) has resulted in an increased loss ratio; this is expected to continue to drive potential volatility in its operating performance over the medium term.\n<\/p>\n \nQuest\u2019s business profile assessment of limited reflects its small market presence and relatively concentrated niche product offering, largely as a provider of CVI and mechanical breakdown insurance (MBI) in New Zealand. The company\u2019s scale of operation has increased significantly in recent years, driven by both the growth in Quest\u2019s direct channels and a strategic partnership with Janssen Insurance Limited (Janssen), a third-party distributor of motor-related insurance. This has diversified Quest\u2019s distribution channels outside of affiliated business written in conjunction with its intermediate parent group, Geneva Finance Limited. However, there is a level of concentration risk associated with the company\u2019s distribution agreements with Janssen. Prospectively, AM Best expects Quest\u2019s business growth over the medium term to be driven largely by increased volumes written through the partnership with Janssen, as well as from direct distribution of MBI and CVI business.\n<\/p>\n \nAM Best assesses Quest\u2019s ERM as appropriate given the current size and complexity of the company\u2019s operations. Following recent business expansion, the company is exposed to an elevated level of underwriting and execution risk. However, this risk has been mitigated partially to date through adequate monitoring of underwriting performance, and a conservative approach to pricing and reserving supported by a third-party actuary. AM Best considers Quest\u2019s risk management capabilities as appropriate for its key risks, and expects continual development as the company increases its scope of operations over the near term.\n<\/p>\n \nRatings are communicated to rated entities prior to publication. Unless stated otherwise, the ratings were not amended subsequent to that communication.\n<\/p>\n \nThis press release relates to Credit Ratings that have been published on AM Best\u2019s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best\u2019s Recent Rating Activity<\/a> web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best\u2019s Credit Ratings<\/a>. For information on the proper use of Best\u2019s Credit Ratings, Best\u2019s Performance Assessments, Best\u2019s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best\u2019s Ratings & Assessments<\/a>.\n<\/p>\n \nAM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com<\/a>.\n<\/p>\n \nCopyright \u00a9 2022 by A.M. Best Rating Services, Inc. and\/or its affiliates. ALL RIGHTS RESERVED.\n<\/p>\n Contacts <\/p>\n \nSin Yee Chuah, CFA \nMichael Dunckley, CFA \nChristopher Sharkey
Financial Analyst
+65 6303 5022
sinyee.chuah@ambest.com<\/a>\n<\/p>\n
Director, Analytics
+65 6303 5020
michael.dunckley@ambest.com<\/a>\n<\/p>\n
Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com<\/a>\n<\/p>\n
![<\/a><\/p>\n\nThe ratings reflect Quest\u2019s balance sheet strength, which AM Best assesses as adequate, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management (ERM). In addition, the ratings factor in a neutral impact from the company\u2019s ultimate majority ownership by Federal Pacific Group Limited.\n<\/p>\n\nQuest\u2019s balance sheet strength assessment is underpinned by its risk-adjusted capitalisation, which was at the strongest level as at fiscal year 2022, as measured by Best\u2019s Capital Adequacy Ratio (BCAR). The company\u2019s underwriting risk has increased significantly in recent years due to strong portfolio growth. However, this was partially offset by its improved asset quality following the sale of an underlying asset in an illiquid private equity investment in fiscal year 2021. The current asset allocation of cash, term deposits and affiliated loans is expected to remain largely unchanged over the medium term. Offsetting balance sheet strength factors include the company\u2019s small absolute capital base, which increases the sensitivity of risk-adjusted capitalisation to stress scenarios and changes in future performance, business growth and dividend payouts.\n<\/p>\n\nAM Best assesses Quest\u2019s operating performance as adequate and notes its moderate level of volatility. The company has a five-year average return-on-equity ratio of 18.8% (fiscal years 2018 to 2022) and the overall earnings during this period reflect a combination of robust underwriting performance and positive investment returns. The company\u2019s underwriting performance has improved over the past two years largely due to a lower expense ratio despite a deterioration in its loss ratio. The improved expense ratio was mainly driven by economies of scale, as well as a lower commission rate due to changes in product mix and the earnings pattern of premium for long duration products as those policies mature. However, recent rapid business growth in the company\u2019s less profitable comprehensive vehicle insurance (CVI) has resulted in an increased loss ratio; this is expected to continue to drive potential volatility in its operating performance over the medium term.\n<\/p>\n\nQuest\u2019s business profile assessment of limited reflects its small market presence and relatively concentrated niche product offering, largely as a provider of CVI and mechanical breakdown insurance (MBI) in New Zealand. The company\u2019s scale of operation has increased significantly in recent years, driven by both the growth in Quest\u2019s direct channels and a strategic partnership with Janssen Insurance Limited (Janssen), a third-party distributor of motor-related insurance. This has diversified Quest\u2019s distribution channels outside of affiliated business written in conjunction with its intermediate parent group, Geneva Finance Limited. However, there is a level of concentration risk associated with the company\u2019s distribution agreements with Janssen. Prospectively, AM Best expects Quest\u2019s business growth over the medium term to be driven largely by increased volumes written through the partnership with Janssen, as well as from direct distribution of MBI and CVI business.\n<\/p>\n\nAM Best assesses Quest\u2019s ERM as appropriate given the current size and complexity of the company\u2019s operations. Following recent business expansion, the company is exposed to an elevated level of underwriting and execution risk. However, this risk has been mitigated partially to date through adequate monitoring of underwriting performance, and a conservative approach to pricing and reserving supported by a third-party actuary. AM Best considers Quest\u2019s risk management capabilities as appropriate for its key risks, and expects continual development as the company increases its scope of operations over the near term.\n<\/p>\n\nRatings are communicated to rated entities prior to publication. Unless stated otherwise, the ratings were not amended subsequent to that communication.\n<\/p>\n\nThis press release relates to Credit Ratings that have been published on AM Best\u2019s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best\u2019s Recent Rating Activity<\/a> web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best\u2019s Credit Ratings<\/a>. For information on the proper use of Best\u2019s Credit Ratings, Best\u2019s Performance Assessments, Best\u2019s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best\u2019s Ratings & Assessments<\/a>.\n<\/p>\n\nAM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com<\/a>.\n<\/p>\n\nCopyright \u00a9 2022 by A.M. Best Rating Services, Inc. and\/or its affiliates. ALL RIGHTS RESERVED.\n<\/p>\nContacts <\/p>\n\nSin Yee Chuah, CFAFinancial Analyst+65 6303 5022sinyee.chuah@ambest.com<\/a>\n<\/p>\n\nMichael Dunckley, CFADirector, Analytics+65 6303 5020michael.dunckley@ambest.com<\/a>\n<\/p>\n\nChristopher SharkeyManager, Public Relations+1 908 439 2200, ext. 5159christopher.sharkey@ambest.com<\/a>\n<\/p>\n\nJeff MangoManaging Director,Strategy & Communications+1 908 439 2200, ext. 5204jeffrey.mango@ambest.com<\/a><\/p>","protected":false},"excerpt":{"rendered":"SINGAPORE–(BUSINESS WIRE)–AM Best has affirmed the Financial Strength Rating of B (Fair) and the Long-Term Issuer Credit Rating of \u201cbb+\u201d (Fair) of Quest Insurance Group Limited (Quest) (New Zealand). The outlook of these Credit Ratings (ratings) is stable. The ratings reflect Quest\u2019s balance sheet strength, which AM Best assesses as adequate, as well as its […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[49626],"tags":[],"settori":[],"slider_categorie_and_home_page":[],"class_list":["post-814311","post","type-post","status-publish","format-standard","hentry","category-private-capital-in-asia-pacific"],"acf":[],"yoast_head":"\nAM Best Affirms Credit Ratings of Quest Insurance Group Limited - BeBeez<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/bebeez.it\/en\/private-capital-in-asia-pacific\/am-best-affirms-credit-ratings-of-quest-insurance-group-limited\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"AM Best Affirms Credit Ratings of Quest Insurance Group Limited - BeBeez\" \/>\n<meta property=\"og:description\" content=\"SINGAPORE–(BUSINESS WIRE)–AM Best has affirmed the Financial Strength Rating of B (Fair) and the Long-Term Issuer Credit Rating of \u201cbb+\u201d (Fair) of Quest Insurance Group Limited (Quest) (New Zealand). 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