Ecclesiastical Insurance Office (EIO) had its financial strength rating of A- (excellent) and stable outlook affirmed by AM Best.
The ratings agency said the affirmation reflected the EIO's excellent capitalisation, continued improvement in underwriting performance and excellent market profile.
Offsetting factors were the potential volatility in results due to EIO's high exposure to equities, said the ratings agency.
AM Best said it expected EIO's underwriting performance to continue to improve, subject to normal loss experiences. It said it also expected risk-adjusted capitalisation to remain at its current level in 2003 and
2004.
Offsetting factors were the potential volatility in results due to EIO‚s
high exposure to equities, said the ratings agency.
AM Best has affirmed the B++ (very good) financial strength rating of Ecclesiastical Insurance Office subsidiary, Ansvar Insurance Company. It said the outlook remained stable.
The rating reflected the Ansvar‚s stand-alone capitalisation and underwriting performance, very good business position and strategic performance to its parent company, Ecclesiastical Insurance Office, said AM Best.
Offsetting factors in the rating were the potential difficulty in maintaining rate increases in the near future due to the softening market.
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