AM Best downgrades former Ecclesiastical run-off subsidiary
AM Best has downgraded ACS (New Zealand), formerly Ansvar Insurance Limited, following the firm's separation from its parent company Ecclesiastical Group, a UK church and charity mutual.
ACS had its financial strength rating cut from B+ to B- and the rating is under review to reflect the firm's near-term regulatory risk, AM Best announced yesterday (17 July).
The ratings agency said the downgrade acknowledges ACS' risk-adjusted capitalisation and its potentially vulnerable capital position.
Following a scheme of arrangement agreed on...
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