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IPB ESG Evaluation Revised To 75 From 73 On Improved Regional Governance Risk Score For Ireland

This report does not constitute a rating action.

LONDON (S&P Global Ratings) Aug. 26, 2022--S&P Global Ratings today revised its ESG Evaluation on Ireland-based IPB Insurance CLG to 75 from 73, following our upward revision of Ireland's regional governance risk score. Higher numbers indicate stronger sustainability in our evaluations.

The improvement in IPB's ESG Evaluation reflects our revision of Ireland's regional governance risk score to '1' from '2', following our updated review of governance standards globally. We now assess Ireland's governance standards, practices, and ESG-focused regulation to be in line with its strongest international peers, which enables IPB (headquartered in Ireland) to benefit from higher market-wide standards. The list of countries we assess as having a regional governance score of '1' includes Canada, France, the U.K., and Switzerland, among others (see "Regional Governance Risk Scores Update – Part of the ESG Risk Atlas," published Aug. 19, 2022, on RatingsDirect).

To assess an entity's governance profile as part of an ESG Evaluation, we start our analysis with an assessment of the relative strength of governance in the country where the entity's head office is located and of its principal countries of operations, if relevant. We then consider four entity-specific factors (structure and oversight, code and values, transparency and reporting, and operational risks) as well as potential adjustment factors to arrive at an entity's governance profile assessment.

All other ESG profile factors and our evaluation of preparedness for IPB remain unchanged.

IPB Insurance CLG is a mutual property and casualty insurance company headquartered and operating exclusively in Ireland. It provides insurance products primarily to its 51 corporate members including local authorities, education training boards, regional assemblies, and the health service executive. In 2021, the company underwrote services totalling a gross written premium (GWP) of €138.3 million, which consisted of third-party liability (64%), fire and other damage to property (22%), and motor insurance (6%). IPB incorporates members' interests in its pricing strategy and product development through an internal modified community rating pricing system that ensures that there is an equitable approach to pricing across the member base. The company also commits to returning retained earnings and dividends where possible and in line with regulatory capitalization targets.

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