July 2011: Global Credit Ratings, the internationally recognised credit rating agency, has just awarded New National Assurance an ‘A’ credit rating for the period ended June 2011. 

According to the GCR report, the rating on based upon strong liquidity measures, a 10-year high solvency margin above minimum requirements, increased overall profitability and a prudent investment strategy. Note was also made of the company’s internal scientific underwriting model, and the advantage the company continues to receive from the containment of its delivery costs, which consistently tracks well below the industry average. 

According to GCR, an ‘A’ ranking high claims paying ability, with protection factors being above average. GCR’s rating criteria is a holistic approach, considering a mixture of quantitative factors (including efficiency, liquidity and solvency) and qualitative factors (including competitive positioning, risk exposures, defensive characteristics, affiliated relationships and management quality).

In response Kalim Rajab, Director, said that the Company was very proud of the significance of the new rating. "As the oldest and arguably the largest black economically empowered short term insurance company in South Africa, this confirmation by GCR is further testament of the Company’s long term credentials and its standing within the industry."

Download New National's Credit Rating Report