AM Best Withdraws Credit Ratings of The Education Benevolent Society Incorporated
SINGAPORE--(BUSINESS WIRE)--Jan 4, 2019--AM Best has withdrawn the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb” of The Education Benevolent Society Incorporated (EBS) (New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.
This press release relates to Credit Ratings that have been published on AM 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 AM Best’s web page. For additional information regarding the use and limitations of Credit Rating opinions, please view . For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view .
Copyright © 2019 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
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CONTACT: Sin Yee Chuah
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KEYWORD: EUROPE ASIA PACIFIC SINGAPORE
INDUSTRY KEYWORD: PROFESSIONAL SERVICES FINANCE INSURANCE
SOURCE: AM Best
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PUB: 01/04/2019 01:03 PM/DISC: 01/04/2019 01:02 PM