Pacific International Insurance Pty Limited (Pacific International) is an Australian insurance company registered under the Corporations Act 2001 and a licenced insurer with the Australian Prudential Regulation Authority (APRA).
Pacific International is also authorised by the Reserve Bank of New Zealand (RBNZ) as a Branch insurer to conduct insurance business in New Zealand.
Pacific International has a B++ (Good) Financial Strength Rating which is under review with developing implications from the USA Rating Agency A.M. Best. The rating is reviewed by A.M. Best on an annual basis, with the rating scale outlined below.
|Rating Scale - FSR|
|A++ and A+||Superior|
|A and A-||Excellent|
|B++ and B+||Good|
|B and B-||Fair|
|C++ and C+||Marginal|
|C and C-||Weak|
|E||Under Regulatory Supervision|
For New Zealand an overseas policyholder preference applies. Under Australian law, if Pacific International is wound up, its assets in Australia must be applied to its Australian liabilities before they can be applied to overseas liabilities. To this extent, while Pacific International maintains assets in New Zealand to support its operations, New Zealand policyholders may not be able to rely on Pacific International's Australian assets to satisfy New Zealand liabilities.
As Pacific International is regulated by APRA and the RBNZ it is required to disclose the company's solvency position. As at 30 June 2019, Pacific International's solvency position was:
Actual Solvency Capital: AUD 10,361,000
Minimum Solvency Capital: AUD 5,397,000
Solvency Margin: AUD 4,964,000
Solvency Ratio: 191.96%
Pacific International utilises a panel of reinsurance companies all of which have rating positions in the A range or higher both by A.M. Best and Standard & Poor's.
Pacific International is a member of the Insurance and Savings Ombudsman and the Pest Management Association of New Zealand (PMANZ).