Despite thriving for many years as an unrated insurer, Elite Insurance announced earlier this year that it would be pursuing an official credit rating.
“Newly introduced restrictions in the market are putting pressure on unrated insurers to gain rated status” said Chief Executive, Jason Smart.
“We’ve never felt we have anything to prove, our growth year on year speaks for itself. However, the demise of other unrated insurers has meant that we have been put in a position where a rating becomes necessary.”
Elite began working with A M Best last November in this regard. Smart commented “Whilst it was originally anticipated that the process would be complete by the end of the first quarter 2014 it is now clear that this was an unrealistic timeframe. As we currently stand it is now likely late second quarter 2014 being a more likely outcome.”