Rating agency A.M Best has affirmed the financial rating of Ansvar Australia A- (Excellent). Offsetting rating factors include Ansvar’s significantly reduced revenue base following the remediation of its underwriting portfolio, its resultant reduced market share and comparatively high level of susceptibility to higher reinsurance costs in 2012 and 2013 following the natural catastrophe events in 2011. There is concentration risk in Ansvar’s new reinsurance arrangement for its property portfolio, as it is provided by only one single reinsurer. This concentration risk is mitigated through the arrangement being written on a rolling multi-year basis.
Ansvar specialist insurance solutions and products to the Faith, Care, Education, Heritage and Community sectors.
Last month Ansvar announced renewal of a major contract with the Christian Outreach Centre (now known as International Network of Churches (INC)). The contract renewal follows five years of continuous service by Ansvar to INC, assisting the organisation across a number of key programs including its disaster-relief and social program called Global Care, and the iconic ‘Red Frogs’ school chaplaincy and ministry programs.
Source http://www3.ambest.com/
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