Rating reaffirmed for New National Assurance Company Limited

New National Assurance Company Limited’s (“NNA”) domestic ZAR currency claims paying ability rating of A- (A minus) has been reaffirmed by Global Credit Ratings.

The insurer’s performance was underpinned by strong investment income on the back of the company’s large cash and short-term deposit holdings. Furthermore, the largely cash portfolio supported sound liquidity measures, as well as solvency levels, particularly in light of the current investment market volatility.

Munich Re increased its shareholding in NNA from 5% to 16% on 1 September 2008. This long-standing relationship with Munich Re is favourably viewed and coupled with NNA’s broad based BEE credentials, places the insurer in good stead with regards to its long-term growth plans.