A.M. Best announced that it has affirmed the A++ (Superior) financial strength rating of Cornhill Insurance PLC, London, the principal U.K. subsidiary of Germany’s Allianz AG.
Best’s statement noted Cornhill’s importance and “prospective contribution to the overall group” along with Allianz’ “commitment to maintain a strong market presence in the UK.”
Other factors sited in the report were “Cornhill’s good business position in the UK domestic commercial and personal lines markets, improving underwriting performance, and improving capitalisation.”
Best noted “Cornhill’s continuous under-achievement of Allianz’s profitability targets and its relatively modest risk adjusted capital-base,” as “offsetting factors.”
Best added that it “will be closely monitoring Cornhill’s relationship with its parent,” but acknowledged the company’s “good business position–Cornhill is the fifth largest general insurer in the UK based on 2000 net written premium. It achieved significant increases in premium rates in most business lines during 2000 and 2001. In its commercial lines business, A.M. Best believes Cornhill’s market profile is enhanced by its association with Allianz.
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