Rating agency A.M. Best has withdrawn its ratings of insurance company The Education Benevolent Society.
The Education Benevolent Society had a B++ (Good) financial strength rating and “bbb” long-term issuer credit rating – however, it requested to no longer participate in A.M. Best’s rating process.
A.M. Best detailed The Education Benevolent Society completed a portfolio transfer that resulted in all existing insurance obligations at the company being transferred to Union Medical Benefits Society Limited in December 2018. From January 01, 2019, it no longer operates as an insurance company and acts as a marketing organisation.
“AM Best’s procedure is for a final rating opinion to be produced in conjunction with a rating withdrawal,” the rating agency added. “However, because The Education Benevolent Society’s balance sheet does not contain any insurance assets or liabilities, AM Best was unable to produce a final rating opinion.”