OLDWICK, NJ–(BUSINESS WIRE)–am best has awarded Delta Insurance New Zealand Limited (New Zealand), Delta Underwriting Private Limited (Singapore) and Delta Property Insurance Limited (New Zealand) a performance rating of PA-2 (Excellent). The companies are valued on a consolidated basis under their parent company, Delta International Limited (Delta). The outlook associated with the performance review (Assessment) is Stable.
This assessment reflects Delta’s strong underwriting skills, excellent corporate governance and internal controls, strong financial position, excellent organizational skills and strong depth and breadth of relationships.
AM Best believes that these three affiliates share a number of similarities and are considered strategically and financially important to Delta as they provide access to operations in certain geographic jurisdictions in Asia Pacific. Established in 2014 with local ownership, the organization operates from offices in New Zealand, Australia and Singapore.
Since launching in 2014, Delta has reported profitable underwriting results across a wide range of casualty lines in Asia Pacific, with property only in New Zealand. Underwriting capabilities are further strengthened by Delta’s in-house underwriting staff and claims processing. Delta has a well-developed technology base providing insurance services that has enabled the organization to grow its gross premiums written annually and expand coverage options.
AM Best considers Delta’s corporate governance and internal controls to be excellent. Delta has implemented a sophisticated capacity provider selection framework that enhances the products and coverage it can offer its policyholders. The ability to deliver these products is complemented by Delta’s extensive use of internal audits, policies, procedures, quality reviews and monitoring.
AM Best considers Delta’s financial position to be strong. Since inception, Delta has had a record of profitable businesses with stable revenue streams and consistently positive net worth. Profits are generally allocated to reinvestment in operations. The results indicate reproducibility in times of rising premiums, policyholder numbers or geographic expansion. The organization bears no insurance risk.
Delta’s senior management team is highly experienced in all of the businesses and geographic regions in which the Group operates. The knowledge and training base within Delta benefits further underwriting skills. AM Best expects that the quality and quantity of Delta’s employees will evolve and increase accordingly as the organization continues to grow.
AM Best rates the depth and breadth of Delta’s relationships as strong. Although Delta has a relatively compact history, most capacity providers have been partners with the organization since its inception. Multiple programs across an expansive footprint provide appropriate diversification. Delta’s longer-term ability to sustain and maintain relationships provides opportunities for advancement and development.
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