10 January, 2007
Ansvar Insurance Rating Upgrade
Ansvar Insurance has confirmed that AM Best, one of the leading rating agencies, have upgraded the Financial Strength Rating of Ansvar to A-(Excellent) with effect from 21st December 2006.
Ansvar Insurance Co Ltd is a leading ethical UK general insurance company specialising in insuring non-profit organisations and connected individuals. We have a longstanding relationship with Ansvar Insurance and regularly recommend them as a good solution for many of our church and charity insurance clients.
Ansvar is owned by Ecclesiastical Insurance. They have an A rating themselves and are a British owned business with group assets of over £1 billion and net assets of over £200 million having around 175,000 customers across the globe. The support of the parent company together with predicted strong results in 2006 no doubt contribute to the ratings upgrade. Ansvar have traditionally been strong in the non-profit insurance market. Their team of staff and management, many of whom are personally involved with charitable work, are highly capable and understand the needs of charities and churches.
News Update 21/01/08
Standard & Poor’s Ratings Services said today 21/01/08 that it has revised the outlook on the long-term counterparty credit and insurer financial strengths ratings on U.K.-based non-life insurer Ecclesiastical Insurance Office PLC and on its subsidiary Ansvar Insurance Limited to positive from stable. This reflects our expectation that continued strong cross-cycle performance may permit an upgrade in the medium term. The ratings reflect the company’s strong capitalization, strong operating performance, and strong competitive position. “Ecclesiastical’s strong capitalization is based on its very strong risk-based capital adequacy, a strong track record of reserving, and prudent reinsurance protection,” said Standard & Poor’s credit analyst Nigel Bond. “With competition likely to persist into 2008, we expect the company to use its strong competitive position and underwriting discipline to keep further margin erosion to a minimum.”
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