We are very pleased to announce the arrival of a new insurer to the New Zealand market - Chartis Insurance New Zealand Limited ("Chartis New Zealand").  Chartis New Zealand is the first general insurer in New Zealand to receive a full licence from the Reserve Bank of New Zealand pursuant to the Insurance (Prudential Supervision) Act 2010.

Effective 1 December 2011, all business transacted by or under American Home Assurance Company (New Zealand Branch) (which used to trade in New Zealand as Chartis) will be transferred to Chartis Insurance New Zealand Limited.

Chartis New Zealand is a subsidiary of Chartis Singapore Insurance Pte Ltd, an insurance entity in Singapore which is subject to regulation by the Monetary Authority of Singapore.

For New Zealand policyholders, this announcement is a positive move for local business and stakeholders:

• As the first fully licenced insurer under the Insurance (Prudential Supervision) Act 2010, we are subject to full Reserve Bank of New Zealand regulation with respect to solvency, risk management, compliance and carrying on business in a prudent manner
• By moving to a transparent corporate structure with local executives and regulation, we have enhanced our commitment to New Zealand
• As a local New Zealand insurance company with local directors, we will be subject to the full extent of insurance and corporate regulation
• We will hold capital locally.  As part of the Chartis Asia Pacific region, Chartis New Zealand adheres to a local and regional policy to exceed regulatory capital adequacy ratios
• We will retain all links with, and the benefits of, our global network of resources and expertise
• Our reinsurance programme and support remains in place and our ability to pay claims is enhanced
• Our Board will  have the input of independent directors to better serve the interests of our clients
• Our underwriting appetite and capacity remains unchanged
• Our products remain relevant and innovative and our people remain experts and leaders in their chosen areas 
• Our commercial claims paying service, highlighted through the events of Christchurch, retains its excellent pragmatism in living up to the Chartis promise to support our policyholders.