NEW ZEALAND GAZETTE

No. 61

1682

Bennetts Bookshop Limited: Bowen House, Lambton Quay (P.O. Box 5334), Wellington; Bennetts Campus Bookcentre,
Commerce House, 360 Queen Street (P.O. Box 5513, Wellesley Street), Auckland; Centreplace, Bryce Street (P.O. Box 928),
Hamilton; 38-42 Broadway Avenue (P.O. Box 1820), Palmerston North; 111 Cashel Street (Private Bag), Christchurch 1; and
located in Whitcoulls, 143 George Street (P.O. Box 1104), Dunedin.

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General Section

Royal & Sun Alliance Insurance

(New Zealand) Limited

Insurance Companies (Ratings and Inspections)
Act 1994

Change of Rating—Royal & Sun Alliance Insurance (New Zealand) Limited, Royal & Sun Alliance Liability Insurance Limited and Royal & Sun Alliance Accident Insurance Limited

Pursuant to clause 8(1) of the Insurance Companies (Ratings and Inspections) Act 1994, Standard & Poor’s (Australia) Pty Limited has upgraded its insurer financial strength and counter-party credit ratings on Royal & Sun Alliance Insurance (New Zealand) Limited, Royal & Sun Alliance Liability Insurance Limited and Royal & Sun Alliance Accident Insurance Limited to “A” from “A–” on 22 May 2003.

The rating is defined as strong.

The new higher rating will also apply to International Marine (IMIA), Axiom and Mariner policies (all of which are underwritten by Royal & Sun Alliance Insurance (New Zealand) Limited).

Our former rating of “A–”, with a developing outlook, reflected the uncertainty of the Promina IPO. However, the IPO has been successful, with the result that we are now rated “A” (strong) with a stable outlook.

As Standard & Poor’s credit analyst Michael Vine acknowledged:

“The strong ratings reflect Promina’s solid business fundamentals, geographic and product diversity, and well-recognized franchise, which are supported by a strong capital structure and supportive reinsurance arrangements.”

ROGER BELL, Chief Executive, Royal & Sun Alliance Insurance (New Zealand) Limited.

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Tower Insurance

Insurance Companies (Ratings and Inspections)
Act 1994

Change of Rating—TOWER Insurance Limited

Pursuant to section 8(1) of the Insurance Companies (Ratings and Inspections) Act 1994, the insurer financial strength rating for TOWER Insurance Limited has been changed to “BBB+” from “A–”.

At the same time, the rating has been removed from CreditWatch.

The new rating is the result of the recent loss announced by the TOWER Group for the half year ended 31 March 2003. This adverse result has primarily occurred following a review of the carrying value of subsidiary companies in the group’s accounts, which does not affect TOWER Insurance’s underlying strength.

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Company Notices

APPLICATIONS FOR WINDING UP / LIQUIDATIONS

Advertisement of Application to Put Company into Liquidation

Take notice that on the 24th day of April 2003, an application to put Mr C’s Builders Limited into liquidation was filed in the High Court at Wellington.

The application is to be heard before the High Court at Wellington on the 16th day of June 2003 at 10.00 a.m.

Any person, other than the defendant company, who wishes to appear on the hearing of the application must file an appearance not later than the second working day before that day.

The plaintiff is Stoanz Limited, whose address for service is Mike Garnham, P.O. Box 10-240, Wellington.

Further particulars may be obtained from the office of the Court or from the plaintiff’s solicitor.

R. D. KOOIMAN, Solicitor for the Plaintiff.

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