Press Release - SEPTEMBER 13, 2017
A.M. Best Places Credit Ratings of EC Insurance Company Limited Under Review With Developing Implications
| ||George Athanasopoulos|
+44 20 7397 0330
+44 20 7397 0266
Manager, Public Relations
+1 908 439 2200, ext. 5159
Director, Public Relations
+1 908 439 2200, ext. 5644
FOR IMMEDIATE RELEASE
LONDON - SEPTEMBER 13, 2017
A.M. Best has placed under review with developing implications the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of EC Insurance Company Limited (ECIC) (United Kingdom). ECIC’s ultimate parent is The Electrical Contractors’ Association (ECA).
The Credit Rating (rating) actions follow the announcement on 7 September 2017 that ECIC’s intermediate parent, EC Insurance Holdings Limited, has entered into an agreement for the sale of ECIC to Markel International Limited, a subsidiary of Markel Corporation (Markel).
The ratings have been placed under review because A.M. Best needs to evaluate the Markel group’s plans for ECIC and the potential impact of these plans on ECIC’s rating fundamentals.
A.M. Best expects to resolve the under review status of the ratings upon completion of the transaction and once A.M. Best has finalised its assessment of the impact of the new ownership on ECIC’s ratings. The transaction is subject to regulatory approval and is expected to be completed in the fourth quarter of 2017.
This press release relates to rating(s) that have been published on A.M. Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and A.M. Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and A.M. Best Rating Action Press Releases.
A.M. Best is the world’s oldest and most authoritative insurance rating and information source.