A.M. Best Affirms Rating of Ansvar Insurance Company Limited.Business Editors OLDWICK, N.J.--(BUSINESS WIRE)--Dec. 21, 2001 A.M. Best Co. has affirmed the financial strength rating of B++ (Very Good) for Ansvar Insurance Company Limited. The rating reflects the enhancement to the company's financial strength implicit in Adj. 1. implicit in - in the nature of something though not readily apparent; "shortcomings inherent in our approach"; "an underlying meaning" underlying, inherent its role as a strategic subsidiary of Ecclesiastical Insurance  This article or section is written like an .Please help [ rewrite this article] from a neutral point of view. Mark blatant advertising for , using . Office plc (EIO (Enhanced I/O) A hardware interface for HP printers that is used for adding an internal print server and network adapter, a hard disk and other plug-in functionality. EIO cards are smaller than previous MIO cards and more energy efficient. They use the PCI bus. See MIO. ), rated A- (Excellent) by A.M. Best. Other positive rating factors are significant recent premium growth and a generally improving trend in financial performance. Offsetting these factors are the company's poor recent underwriting results and its reliance on investment income to achieve bottom line profitability. Key rating factors: Strategic importance to the parent--A.M. Best regards Ansvar as a strategically important subsidiary of EIO. This importance is indicated by parental provision of a 22.5% whole account quota share For This article is about quota shares (shares of the quota). For other usages of quota, see, see . A quota share is a specified number or percentage of the allotment as a whole (quota), that is prescribed to each individual entity (see Non-tariff barriers to trade). and subordinated loan In the field of finance, a subordinated loan is a type of loan which ranks after other debts should a company fall into receivership or be closed. It is also known as subordinated debt, or as junior debt. capital of GBP GBP In currencies, this is the abbreviation for the British Pound. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 500,000 in 2001. In addition, Ansvar's niche market A niche market also known as a target market is a focused, targetable portion (subset) of a market sector. By definition, then, a business that focuses on a niche market is addressing a need for a product or service that is not being addressed by mainstream providers. position within the free churches and certain `not for profit' sectors, written through intermediaries, complements EIO's core strategy of expanding its activities beyond its direct client, Anglican Church portfolio. A.M. Best will continue to monitor Ansvar's strategic status within the Ecclesiastical group. Premium growth--Gross premiums have grown significantly since the company's acquisition by Ecclesiastical--21% in 2000--largely due to new business acquisitions stemming from a widening of scope in underwriting activity as well as improved retention rates for existing business. Improving performance--A.M. Best also recognises the improving trend in performance during 2001, despite a disappointing combined ratio of 110.4% in 2000 compared with 104.8% in 1999. Expectations: -- A.M. Best believes that Ansvar will remain focused on expanding its core business in the free churches and charity related sectors in the UK. -- Operating performance will improve, albeit constrained by prospective increases in the cost of reinsurance protection. -- Ansvar will continue to benefit from parental support. A.M. Best Co., established in 1899, is the world's oldest and most authoritative insurance rating and information source. For more information, visit A.M. Best's Web site at www.ambest.com. |
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