Ansvar Insurance has pulled out of Standard & Poor’s (S&P) latest outlook report after the ratings agency gave it a BBB+ rating with a stable outlook.

The church-based insurer has decided to go with alternative ratings agency AM Best, which has affirmed a financial strength rating of A- (Excellent) and an issuer credit rating of a- for Ansvar. The agency has listed the outlook for both these ratings as stable.

Ansvar CEO Andrew Moon told insuranceNEWS.com.au: “We have simply made the decision to continue with one industry rating, AM Best, who in March affirmed Ansvar Insurance’s rating of A- (Excellent).

“The rating upholds our solid position in the Australian insurance market, which we are committed to maintaining by working with our intermediary partners and providing quality service and insurance solutions across our core segments.”