Global credit rating agencies AM Best and S&P Global have affirmed the credit ratings of Ecclesiastical Insurance Office PLC (Ecclesiastical).
AM Best announced the specialist insurer and financial services group’s Financial Strength Rating as ‘A’ (Excellent) and with a Long-Term Issuer Credit Rating of ‘A’ (Excellent). It also affirmed the Long-Term Issue Credit Rating of “bbb” (Good). The outlook of these Credit Ratings (ratings) is stable.
S&P affirmed Ecclesiastical as strong, with a Financial Strength Rating of ‘A-’ and with a stable outlook.
The ratings reflect Ecclesiastical’s balance sheet strength, which AM Best assessed as very strong, as well as having adequate operating performance, a neutral business profile and appropriate enterprise risk management. Its balance sheet strength assessment is underpinned by risk-adjusted capitalisation that AM Best expects to remain comfortably at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR).
Ecclesiastical has provided insurance products and risk management services in the faith, heritage, charity, education and real estate markets for over 135 years. AM Best said the company had a “well-established, unique position” in the market.
Over the past five years, the company has experienced year-on-year growth, with gross written premium reaching £486 million in 2021.
Denise Cockrem, Group Chief Financial Officer at Ecclesiastical, said: “I’m delighted that we’ve maintained our excellent credit ratings, which demonstrates our strong capital position.
“Our business model is focused on delivering long-term sustainable profits through our specialist expertise. Because we’re owned by a charity, we can genuinely think, plan and act for the long term and we’ve demonstrated that our model works. Our financial strength is important to us because it means that we can continue to give to good causes and with a new ambition to be the UK’s biggest corporate donor, we are excited about the opportunities ahead.”
Founded in 1899, AM Best is the world’s first credit rating agency, specialising in the insurance industry and operating from regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.
S&P, originally called Standard & Poor’s, dates back to the 1860s and is one of the world’s leading credit agencies.