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A.M. Best Removes From Under Review With Developing Implications and Upgrades Credit Ratings of EC Insurance Co. Ltd.

A.M. Best has removed from under review with developing implications and upgraded the Financial Strength Rating to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Rating to "a+" from "a-" of EC Insurance Co. Ltd. The outlook assigned to these Credit Ratings (ratings) is stable.

The ratings were placed under review with developing implications in September 2017 following the announcement that ECIC's intermediate parent, EC Insurance Holdings Ltd., has entered into an agreement for the sale of ECIC to Markel Capital Holdings Ltd., the ultimate parent of which is Markel Corp. (Markel). The acquisition closed in November 2017.

The ratings have been removed from under review as A.M. Best has completed its assessment of Markel's plans for ECIC and the impact on ECIC's rating fundamentals.