Fidest – Agenzia giornalistica/press agency

Quotidiano di informazione – Anno 31 n°105

AM Best Withdraws Credit Ratings of The Education Benevolent Society Incorporated

Posted by fidest press agency su domenica, 6 gennaio 2019

AM Best has withdrawn the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb” of The Education Benevolent Society Incorporated (EBS) (New Zealand) as the company has requested to no longer participate in AM Best’s interactive rating process.On December 31, 2018, EBS completed a portfolio transfer that resulted in all existing insurance obligations at the company being transferred to Union Medical Benefits Society Limited. From January 1, 2019, EBS no longer operates as an insurance company and acts as a marketing organization.AM Best’s procedure is for a final rating opinion to be produced in conjunction with a rating withdrawal. However, because EBS’ balance sheet does not contain any insurance assets or liabilities, AM Best was unable to produce a final rating opinion.
Ratings are communicated to rated entities prior to publication. Unless stated otherwise, the ratings were not amended subsequent to that communication.AM Best is a global rating agency and information provider with a unique focus on the insurance industry. Visit http://www.ambest.com for more information.

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