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AM Best Withdraws Credit Ratings of Youi NZ Pty Limited

AM Best has withdrawn the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of "bbb" of Youi NZ Pty Ltd. as the company has requested to no longer participate in AM Best's interactive rating process.

Youi NZ completed a portfolio transfer on Dec. 31, 2019 that resulted in all existing insurance obligations of the company being transferred to Tower Insurance Ltd. From Jan. 1, 2020, Youi NZ no longer operates as an insurance company.

AM Best's procedure is for a final rating opinion to be produced in conjunction with a rating withdrawal. However, because Youi NZ's balance sheet does not contain any insurance liabilities, AM Best was unable to produce a final rating opinion.