Global credit rating agency AM Best has affirmed the credit rating of Ecclesiastical Insurance Office plc (Ecclesiastical) as “Excellent”.
The agency announced Ecclesiastical’s Financial Strength Rating as ‘A’ (Excellent) and with a Long-Term Issuer Credit Rating of ‘A’ (Excellent).
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. The assessment also factors in the company’s good liquidity profile.
Despite a challenging 2020, Ecclesiastical’s financial performance improved in the first quarter of 2021. AM Best stated that it “expects Ecclesiastical to generate robust returns on equity, although these should remain subject to potential volatility due to the company’s investment allocation.” David Huebel, President of Ecclesiastical Canada, said: “We are pleased that AM Best has affirmed our credit ratings and we look forward to continuing to work with our brokers to provide great solutions for our mutual customers.”