Media Release

AM Best Credit Rating Agency Updates Ansvar’s Financial Outlook

July 2, 2024

AM Best, the largest credit rating agency in the world and specialising in the insurance industry has just affirmed Ansvar’s Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “A-” (Excellent) adding that the outlook of these Credit Ratings (ratings) is stable.

AM Best comments that the ratings reflect Ansvar’s balance sheet strength, which AM Best assesses as very strong, as well as its marginal operating performance, limited business profile and appropriate enterprise risk management. In addition, Ansvar’s ratings factor in rating enhancement to reflect its ownership, integration and support from Ecclesiastical Insurance Office plc (EIO).

According to AM Best, Ansvar’s balance sheet strength is underpinned by its risk-adjusted capitalisation, as measured by Best’s Capital Adequacy Ratio (BCAR), which is expected to remain at least at the very strong level over the medium term. Ansvar has prudent capital management in place, with a track record of financial flexibility to support its regulatory solvency position and risk-adjusted capitalisation.

Warren Hutcheon, Ansvar’s Chief Executive Officer comments “We are very pleased to once again achieve an Excellent rating for both financial strength and the long term issuer credit rating.  This positive outcome reflects the hard work and dedication of the Ansvar team and further reinforced by the ongoing support and commitment of our shareholder Ecclesiastical Insurance Office, part of the Benefact Group”.

For further information, please refer to the AM Best press release: AM Best Affirms Credit Ratings of Ansvar Insurance Limited.

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