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AM Best, one of the world’s largest credit rating agencies, specialised in the insurance industry, has revised the financial outlook for Ansvar to ‘Stable’. This is up from a rating of negative, and affirms Ansvar’s Financial Strength Rating of A- (Excellent), in addition to the Long-Term Issuer Credit Rating of “A-” (Excellent).
AM Best commented that these Credit Ratings reflect Ansvar’s balance sheet strength, which AM Best assesses to be ‘very strong’, taking into consideration that marginal operating performance has been effected by weather-related events, COVID-19 provisioning and material reserve increases emanating from legacy physical and sexual abuse (PSA) claims, as well as Ansvar’s specialised business profile and focus on enterprise risk management.
Integration and support from Ansvar’s parent company, Benefact Group (formerly Ecclesiastical Insurance Office¹), was also noted as a factor in the rating upgrade. Increased financial and reinsurance support provided by the Benefact Group has supported Asvar’s response to performance pressures, and mitigated the impact on balance sheet strength position. Overall, recent and planned capital injections have helped bolster Ansvar’s capital adequacy and offset the adverse impact of COVID-19 provisions and material increases in PSA reserves.
Warren Hutcheon, Chief Executive Officer, comments;
‘We are very pleased to have achieved this improved result for 2021. Credit goes to the entire Ansvar team who have had to navigate a very challenging environment in delivering our business objectives. We also appreciate the strong ongoing support we receive from our owner the Benefact Group, and their commitment to Ansvar Australia and our local community.’