“Increasingly onerous” rules turns subsidiary into a division
Ecclesiastical is making its 50-year-old subsidiary firm Ansvar Insurance, which it bought in 1998, a business division of Ecclesiastical, upping it credit rating from BBB+ to A to avoid Solvency II capital requirements.
Ecclesiastical said Solvency II rules were “becoming increasingly onerous on smaller insurers".
It said the change will give Ansvar access to Ecclesiastical reinsurance arrangements and improve efficiency.
The proposals to change the legal structure require Court approval (called a Part VII Transfer). Ecclesiastical hopes that the transfer will take place on 1 January 2011.
Growth
Cathy Taylor, managing director of Ansvar Insurance, said: “Ansvar is a well-established and successful brand with a distinct place in the market. This change means we can continue our growth and build on our success.”
Steve Wood, managing director for Ecclesiastical in the UK & Ireland, said: “We’re making the most of our group structure and seeking to operate as efficiently as possible. Ansvar is a great company with a clear proposition and a strong following in the broker market. This change means we can offer brokers even more.”
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