‘This significant progress from CBL
means that we can continue to support our business partners with a very fast and flexible
service that is now underpinned by two A rated insurers’. Buckingham continued: ‘By
offering the support of two heavy weight insurers we are able to compete in the growing
supplier failure insurance market and ensure that our business partners have a choice –
this is an unrivalled position.’
Affirma Insurance has been going from strength-to-strength in 2016 with continued
product expansion and a growing number of new business partners utilising its products.
The success of Affirma has been boosted further after one of its key insurance partners,
CBL Insurance, has had their financial rating upgraded to A- (Excellent) by A.M. Best.
A.M. Best has upgraded the financial strength rating of CBL to A- (Excellent) from B++
(Good) and the issuer credit rating to A- from BBB of CBL Insurance Limited (CBL) (New
Zealand). The outlook for each rating remains stable.
The rating actions reflect significant improvement in CBL’s capital position and risk-adjusted
capitalisation in 2015, due to continued strong earnings and additional capital
contributions from its parent company. In addition, the initial public offering of its ultimate
parent company, CBL Corporation Limited (CCL), which occurred in October 2015, has
vastly improved the insurance group’s financial flexibility.
Affirma has been working with CBL Insurance since 2014 and in a relatively short space of
time the partnership has developed a significant insurance portfolio, primarily supporting
the UK travel industry but now with new contracts to be announced in Europe. Based in
New Zealand CBL has been established for 35 years and works extensively around the
world offering secure simple solutions to complex insurance problems including financial
failure, supplier failure and scheduled airline failure developed and distributed by Affirma