Civic Assurance
Our gold sponsorship partnership with SOLGM is entirely appropriate given that we were established by local government, are wholly owned by New Zealand local authorities, and for over 60 years have provided insurance and risk financing products specifically for local authorities.
We are New Zealand’s largest insurer of rate payer assets and a key objective is to provide stability and long term assurance of our specialist risk financing facilities. Our A Excellent Claims Paying Ability rating with AM Best is important in this regard. We are also members of the Insurance Council of NZ and we far exceed the minimum solvency standards set by the Insurance Council.
Our products designed to meet specific exposures and needs of local authorities include our traditional insurance facility, and the LAPP Disaster Fund which was established as a separate charitable Trust, with Civic as Administration Managers, to provide for reinstatement of essential services following catastrophic loss. We also have established three 100% subsidiary companies, Local Government Mutual Funds Trustee Ltd (Liability Riskpool) which risk finances Local Authority liability exposures; Local Government Superannuation Trustee Ltd, administering the Local Government Global Superannuation Scheme for local authority staff; and Local Government Finance Corporation, established to assist local authorities to raise monies for capital works.