Broker-facing insurer Ansvar has been awarded an "excellent" (A-) financial strength rating and an issuer credit rating of a- by A.M. Best Asia-Pacific.
The agency also gave both ratings a stable outlook.
Ansvar CEO Andrew Moon said the ratings reflected the measures it had taken to de-risk its balance sheets, reduce the cost of its reinsurance programs and support a risk-adjusted capitalisation.
Ansvar Australia recently overhauled the business, moving towards a broker-only model. The process is almost complete.
“Given the redirection of Ansvar, the ratings come as timely confirmation that we are on the right track in terms of continually improving our services. It also shows the refinement of our portfolio which has taken place over the past 12 to 18 months has been a success,” said Moon.
“Brokers have been very supportive of our direction. As a boutique insurer, we can be more agile and provide exemplary service in a way that larger competitors cannot easily replicate.”