Press Release - JANUARY 04, 2019
AM Best Withdraws Credit Ratings of The Education Benevolent Society Incorporated
FOR IMMEDIATE RELEASE
OLDWICK - JANUARY 04, 2019
On December 31, 2018, EBS completed a portfolio transfer that resulted in all existing insurance obligations at the company being transferred to Union Medical Benefits Society Limited. From January 1, 2019, EBS no longer operates as an insurance company and acts as a marketing organization.
AM Best’s procedure is for a final rating opinion to be produced in conjunction with a rating withdrawal. However, because EBS’ balance sheet does not contain any insurance assets or liabilities, AM Best was unable to produce a final rating opinion.
Ratings are communicated to rated entities prior to publication. Unless stated otherwise, the ratings were not amended subsequent to that communication.
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.
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