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Insurer Financial Strength

Covi policies are underwritten by Lumley, a business division of IAG New Zealand Limited (IAG).

IAG has received a financial strength rating of AA- from Standard & Poor’s (Australia) Pty Ltd, an approved rating agency.

A rating of AA- means IAG has a ‘very strong’ claims-paying ability, as you can see in the scale below.

The ratings from ‘AA’ to ‘CCC’ may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the major rating categories. The rating scale above is in summary form. A full description of this rating scale can be obtained from www.standardandpoors.com.

THE RATING SCALE IS:

  • AAA (Extremely Strong)
  • AA (Very Strong)
  • A (Strong)
  • BBB (Good)
  • BB (Marginal)
  • B (Weak)
  • CCC (Very Weak)
  • CC (Extremely weak)
  • SD (Selective Default)
  • D (Default)
  • R (Regulatory Supervision)
  • NR (Not Rated)
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