AM Best has affirmed the Performance Assessment (assessment) of PA-2 (Excellent) of Delta Insurance New Zealand Limited (New Zealand) and Delta Underwriting Private Limited (Singapore). The companies are assessed on a consolidated basis under their parent, Delta International Limited (Delta). The outlook of the assessment is stable.

This assessment reflects Delta’s strong underwriting capabilities, excellent governance and internal controls, strong financial condition, excellent organizational talent, and strong depth and breadth of relationships.

In AM Best’s view, the two affiliated companies exhibit several commonalities with one another and are regarded as strategically and financially important to Delta, providing access to businesses in certain geographic jurisdictions in the Asia Pacific region. Delta was founded in New Zealand in 2014 with local ownership and operates from offices in New Zealand, Australia and Singapore.

AM Best assesses Delta’s underwriting capabilities as strong. Delta has consistently recorded profitable underwriting results over the past few years across a wide range of product lines and geographic regions. Delta has a highly specialised underwriting philosophy and risk selection process, supported by its in-house underwriting and claims management teams. This has enabled the organization to grow its premium base rapidly through product and geographic expansion over time. However, compared to historical growth rate, the company recorded lower growth in recent periods due to challenging market conditions.

AM Best considers Delta’s governance and internal controls to be excellent. Delta has implemented a sophisticated framework for selecting capacity providers, which elevates the products and coverage it provides to its policyholders. This is complemented by Delta’s extensive use of internal and external audits, policies and procedures, quality reviews and ongoing monitoring.

AM Best assesses Delta’s financial condition as strong. Delta has a track record of profitable operations with stable income sources and positive cash flow. The organisation does not retain any insurance risk. In fiscal year 2025, the shareholders’ equity was negatively impacted by the company’s buy-out of the non-controlling interest in its subsidiaries, which was recorded directly against equity under NZ IFRS 10. Prospectively, AM Best expects shareholders’ equity to increase, supported by positive earnings generation.

AM Best assess Delta’s organization talent as excellent. Delta’s senior management is highly experienced in the company’s lines of business and in the geographic regions in which the group operates. The knowledge share and training programs within Delta further benefit its underwriting capabilities. AM Best expects continued development in the quality and quantity of Delta’s staff as the organisation grows.

AM Best assesses Delta’s depth and breadth of relationships as strong. While Delta has a relatively compact history, most capacity providers have partnered with the organisation since its inception. Delta offers multiple programs across several countries, which provides appropriate diversification. There is opportunity for advancement in Delta’s ability to retain and sustain long-term relationships.

Ratings are communicated to rated entities prior to publication. Unless stated otherwise, the ratings were not amended subsequent to that communication.

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