A.M. Best Affirms Rating of Ecclesiastical Insurance Office plc.OLDWICK, N.J. -- A.M. Best Co. has affirmed af·firm v. af·firmed, af·firm·ing, af·firms v.tr. 1. To declare positively or firmly; maintain to be true. 2. To support or uphold the validity of; confirm. v.intr. the financial strength rating of A- (Excellent) 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. ) (United Kingdom). The outlook remains stable. The rating reflects EIO's excellent risk-adjusted capitalisation, improved operating performance and excellent business profile. An offsetting factor continues to be the company's high exposure to equities. A.M. Best believes that EIO's risk-adjusted capitalisation is likely to be maintained at an excellent level in 2004 and 2005. The rating recognises EIO's improved operating performance, with the combined ratio likely to remain below 100% for the next two years, although it is expected to deteriorate de·te·ri·o·rate v. 1. To grow worse in function or condition. 2. To weaken or disintegrate. from 90.7% in 2003 when claims experience was particularly benign. A.M. Best expects net investment income to remain stable in 2004 following the improvement in 2003, which resulted in an unrealised gain 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. 19.6 million (USD USD In currencies, this is the abbreviation for the U.S. Dollar. 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. 34.9 million). A.M. Best believes EIO has maintained its strong business profile in the niche church and charity insurance sectors. Its consistently high retention rates of over 90% in its core portfolios help reduce price-related competition and demonstrate the benefits of the company's customer-related focus. EIO also benefits from high penetration rates in other specialist areas such as independent schools and care homes, and has successfully developed its commercial portfolio, which now accounts for 35% of gross premium income. The continued high exposure to equities remains an offsetting factor, and A.M. Best believes this is unlikely to be reduced in the near future. In 2003, equities accounted for 29% of total investments. As a result, the potential remains for volatility in future earnings. 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 http://www.ambest.com. |
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