OREANDA-NEWS. A.M. Best has affirmed the financial strength rating of B++ (Good) and the issuer credit rating of “bbb” of Provident Insurance Corporation Limited (PICL) (New Zealand). The outlook for each rating remains stable.

The rating affirmations reflect PICL’s adequate risk-adjusted capitalization, resulting from the company’s moderate underwriting leverage and conservative investments. In addition, actual claims experience during the company’s first three years of operation has been largely consistent with its initial projections.