A.M. Best Upgrades Ratings of Ansvar Insurance Company Limited.OLDWICK, N.J. -- A.M. Best Co. has upgraded the financial strength rating to A- (Excellent) from B++ (Very Good) and the issuer credit rating to "a-" from "bbb+" of Ansvar Insurance Company Limited (Ansvar) (United Kingdom). The outlook for all ratings is stable. The upgrade reflects an improvement in Ansvar's stand-alone risk-adjusted capitalisation, which A.M. Best believes will be maintained throughout the underwriting cycle. The rating incorporates explicit support provided to Ansvar by its parent, 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. ). (See today's press release on EIO.) A.M. Best believes Ansvar's strong risk-adjusted capitalisation will continue to improve in 2006 and 2007, supported by the retention of solid after-tax earnings. Shareholders' funds are forecast to rise to about 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. 15 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. 29 million) by year-end 2006 from GBP 12 million (USD 23 million) in 2005. Additionally, Ansvar benefits from the support of EIO's main reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. programme and a 22.5% 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). agreement with EIO that covers all classes of business underwritten. A pre-tax profit of approximately GBP 4 million (USD 7.5 million) is anticipated in 2006, supported by good underwriting performance. Although premium rates have been under increased pressure from larger competitors, Ansvar's expertise in the niche not-for-profit sector is expected to support a combined ratio below 80% in 2006. In A.M. Best's opinion, Ansvar has an excellent business profile as a specialist insurer of churches, charities and other voluntary organisations. The company benefits from a strong relationship with a network of provincial brokers, which supports high client retention rates and provides the Ecclesiastical group with additional access to broker-sourced business in the United Kingdom. For Best's Ratings Best's rating A rating A.M. Best Co. assigns to insurance companies based on the company's ability to meet its obligations to its policyholders. , an overview of the rating process and rating methodologies, please visit www.ambest.com/ratings. 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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