AM Best has affirmed the financial strength rating of A+ (Superior) and the issuer credit rating of “aa-” of Allianz Cornhill Insurance plc (ACI).

The outlook for these ratings remains negative, which is in line with the parent company, Allianz AG.

The rating reflects support from Allianz AG, excellent stand-alone risk-adjusted capitalisation, strong operating performance and ACI's excellent business profile.

A.M. Best anticipates that ACI's risk-adjusted capitalisation will remain supportive of the current rating in 2005, factoring retained earnings of approximately £70m, a decrease in net written premiums due to the cancellation of inadequately priced business, as well as the sale of the life business in late 2004.

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