Mansard’s Rating Uncertain – A.M. Best | Independent Newspapers Limited
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Business, Insurance

Mansard’s Rating Uncertain – A.M. Best

Posted: Jul 2, 2015 at 12:00 am   /   by   /   comments (0)

A.M. Best Company, the world’s oldest and most authoritative insurance rating agency, has unveiled the latest Financial Strength Rating (FSR) and Issuer Credit Rating (ICR) of five Nigerian based insurance outfits rated by the organisation, stating that Mansard Insurance Plc’s rating is uncertain.

While B u Stable (FSR) and bb+ u Stable (ICR) were assigned to Mansard in April; the new ratings in June are B u Developing and bb+ u Developing.

This means that the rating is under review and that while there is uncertainty as to the final rating outcome, there is a reasonable likelihood the company’s rating will change as a result of A.M. Best’s analysis of a recent event.

The remaining four companies retained their ratings. The organisation had assigned to African Reinsurance Corporation A- Positive (FSR) a- Positive (ICR), Continental Reinsurance Plc got B+ Stable (FSR) bbb- Stable (ICR), Custodian and Allied Insurance Plc got B Stable (FSR) bb Stable (ICR) and Wapic Insurance Plc got B- Stable (FSR) bb- Stable (ICR).

Associate Director, Market Development and Communications, A.M. Best –Europe, the Middle East and Africa (EMEA), Dr. Edem Kuenyehia, says the FSR indicates an insurer’s financial strength and ability to meet its ongoing insurance policy and contract obligations, while the ICR specifies an insurer’s financial strength and ability to meet its ongoing senior financial obligations.