MARCH 08, 2017 04:27 PM (EST)
A.M. Best Removes From Under Review and Upgrades Issuer Credit Rating of Echelon Financial Holdings Inc.
FOR IMMEDIATE RELEASE
OLDWICK - MARCH 08, 2017 04:27 PM (EST)
The close of the transaction and divestiture of its holdings in overseas markets will allow EFH’s management to refocus efforts on its Canadian operating subsidiaries, Echelon Insurance (Echelon) and The Insurance Company of Prince Edward Island (ICPEI), to improve their core businesses lines in Canada. In addition, proceeds from the transaction will be allocated to improve risk-adjusted capital positions of each operating entity as needed. On June 23, 2016, A.M. Best affirmed the Financial Strength Rating (FSR) of B++ (Good) and the Long-Term ICR of “bbb+” of Echelon, as well as the FSR of B++ (Good) and the Long-Term ICR of “bbb” of ICPEI (see related press release). The ratings of Echelon and ICPEI remain unchanged at this time.
This press release relates to Credit Ratings that have been published on A.M. 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 A.M. 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.
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