A.M Best Asia-Pacific Limited this month awarded Ansvar Insurance, Australia’s leading insurance provider for the Community, Care, Education, Faith and Heritage segments, with a financial strength rating of A- (Excellent) and issuer credit rating of a-. The insurance rating agency recognises the outlook for both ratings is stable.
“We have been faced with a number of challenges over the past few years and the ratings reflect the measures we have taken to de-risk our balance sheets, reduce the costs of our reinsurance programs and support our risk-adjusted capitalisation,” said Andrew Moon, CEO, Ansvar.
Ansvar Australia has recently overhauled the business, moving towards a broker-only model, and this process of being a wholly intermediated insurer is almost complete.
“Given the redirection of Ansvar, the ratings come as timely confirmation that we are on the right track in terms of continually improving our services. It also shows the refinement of our portfolio which has taken place over the past 12 – 18 months has been a success,” said Andrew.
“Brokers have been very supportive of the direction we’re headed in. As a smaller insurer, we are able to be agile and provide exemplary service in a way that larger competitors cannot easily replicate,” said Andrew.