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'The Minister looks forward to receiving the Reserve Bank Board's recommendation for the appointment of temporary governor,' her spokesman said Thursday in Wellington in response to questions about the likely timing of an announcement. 'A decision on the appointment will be made as soon as practicable following this, and not before 1 April.'
After Orr's surprise resignation on March 5, both Willis and the RBNZ said his deputy Christian Hawkesby would be acting governor until March 31, suggesting a decision on a temporary governor would be announced around that time.
The Reserve Bank Act states the board must make a recommendation within 28 days of the office of the governor becoming vacant, but Orr's employment at the bank doesn't officially end until March 31. He has been on leave since announcing his resignation.
RBNZ Board Chairman Neil Quigley hasn't yet replied to Bloomberg's questions about when he expects the recommendation to be made.
Once appointed, the temporary governor will occupy the position for six months, or longer if needed, until a permanent replacement is found.
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AM Best Revises Outlooks to Positive for The People's Insurance Company of China (Hong Kong), Limited
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The revision of the outlooks to positive from stable reflects continued improvement in PICC HK's business profile, as demonstrated by the enhanced market position and more diversified book of business. According to statistics published by its domestic regulator, PICC HK ranked 13th with a market share of 2.3% in terms of onshore and offshore combined gross premium written (GPW) in 2024. The company's GPW grew by 65% cumulatively from 2020 to 2024. The active expansion in inward reinsurance also has contributed to improved business diversification, which was concentrated moderately on a whole-account quote share (WAQS) sourced from its affiliated company, PICC Property and Casualty Company Limited (PICC P&C). The inward reinsurance business profile is diversified geographically with adequate profitability in the past four years. By leveraging the underwriting acumen and increasing synergies within the parent group, PICC HK expects the expanded business profile will be sustainable and profitable. PICC HK's risk-adjusted capitalisation, as measured by Best's Capital Adequacy Ratio (BCAR), remained at the strongest level at year-end 2024. The company's investment portfolio remains well-diversified, dominated by investment-grade bonds, cash and cash equivalents, and preference shares. Its investment strategy remains prudent, with limited exposure on unlisted funds and real-estate assets. Other supporting factors include a strong regulatory solvency position, as well as a strong liquidity position. PICC HK's operating performance remains adequate. It has maintained a mid-single digit return-on-equity ratio over the past two years. In 2024, the company's net profit was supported mainly by investment income consisting of mostly interest and dividend income. 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Although unlikely, negative rating actions could occur if the support PICC HK receives from its parent weakens notably or the parent's credit fundamentals deteriorate materially. Ratings are communicated to rated entities prior to publication. Unless stated otherwise, the ratings were not amended subsequent to that communication. This press release relates to Credit Ratings that have been published on AM Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best's Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best's Credit Ratings, Best's Performance Assessments, Best's Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best's Ratings & Assessments. AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit Copyright © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED. 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