AM Best withdraws Ansvar rating

Rating agency AM Best has withdrawn the A financial strength rating of Ansvar following the transfer of the insurer's liabilities to its parent, Ecclesiastical Insurance Office.

The liabilities were moved using a part VII transfer mechanism, which was completed on 1 January. Ansvar is now a division of Ecclesiastical rather than a separate subsidiary.

Ecclesiastical's decision to absorb Ansvar was announced in June.

The company said it was undertaking the move in response to the European Commission's foprthcoming Solvency II capital regulations, which it said "becoming increasingly onerous on smaller insurers".