AM Best has affirmed the Performance Assessment (assessment) of PA-2 (Excellent) of Delta Insurance New Zealand Limited (New Zealand) and Delta Underwriting Private Limited (Singapore). The companies are assessed on a consolidated basis under their parent, Delta International Limited (Delta). The outlook of the assessment is stable.
This assessment reflects Delta’s strong underwriting capabilities, excellent governance and internal controls, strong financial condition, excellent organizational talent, and strong depth and breadth of relationships.
In AM Best’s view, the two affiliated companies exhibit several commonalities with one another and are regarded as strategically and financially important to Delta, providing access to business in certain geographic jurisdictions in the Asia Pacific region. The organization was founded in 2014 with local ownership and operates from offices in New Zealand, Australia and Singapore.
Since launching in 2014, Delta has recorded profitable underwriting results across a variety of liability lines in the Asia Pacific region, along with property coverage only in New Zealand. Underwriting capabilities are strengthened further from Delta’s in-house underwriting staff and claims handling. Delta has a well-developed technology base that provides insurance services and has allowed the organization to increase its gross premium writings annually and expand coverage options.
AM Best considers Delta’s governance and internal controls to be excellent. Delta has implemented a sophisticated framework for selecting capacity providers, which elevates the products and coverage it can provide to its policyholders. The ability to provide these products is complemented by Delta’s extensive use of internal audits, policies, procedures, quality reviews and monitoring.
AM Best assess Delta’s financial condition as strong. Delta has shown a record of profitable operations since inception, with stable income sources and continued positive net worth. Earnings are allocated generally to reinvestment into operations. Results have remained consistent during periods of scaling premium, policyholder counts or geographic expansion. The organization does not retain any insurance risk.
Delta’s senior management is highly experienced across its lines of business and the geographic region in which the group operates. The knowledge and training base within Delta further benefits its underwriting capabilities. AM Best would expect the quality and quantity of Delta’s staff to develop and increase accordingly as the organization continues to grow.
AM Best assesses Delta’s depth and breadth of relationships as strong. While Delta has a relatively compact history, most capacity providers have partnered with the organization since its founding. Multiple programs across a wide-ranging footprint provide appropriate diversification. The longer-term ability of Delta to retain and sustain relationships has opportunity for advancement and development.
This press release relates to Performance Assessments that have been published on AM Best’s website. For all information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the Performance Assessments referenced in this release, please see AM Best’s website. For additional information regarding the use and limitations of Performance Assessments, please view Guide to Best’s Performance Assessments for Delegated Underwriting Authority Enterprises. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
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