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Simply Insurance New Zealand has been placed on creditwatch by credit ratings agency Standard and Poor's.
S&P said the placement followed a decision by Simply's Australian-based parent company GE Money to review its overall insurance operations in Australia and New Zealand as part of an ongoing global initiative.
Simply Insurance (SINZ) is owned by New Zealand-based GE Finance and Insurance, and currently has a BB-minus rating, boosted by its parent's experienced management team.
The range of options being considered includes continuing the business, forming a strategic partnership, or even a possible sale by its parent.
A decision is expected to be made by March.
- NZPA
