Notice is hereby given, pursuant to section 8 (1) of the Insurance Companies (Ratings and Inspections) Act 1994, that ratings agency Standard & Poor's (Australia) Pty Limited re-rated the financial strength rating of Vero Lenders Mortgage Insurance Limited ABN 55 001 825 725 ("the company") (then named Royal & Sun Alliance Lenders Mortgage Insurance Limited) to "A-" on 22 May 2003. This is lower than its previous rating of "AA-".
This new rating applies to the company as an overseas company registered in New Zealand. The company is a member of the Promina Group.
This re-rating was anticipated given Promina Group's decision to discontinue the operations of the company and for the company to cease underwriting new lenders' mortgage insurance policies from 8 April 2003.