Press Release January 2025

Leading legal expenses and liability insurer Irwell Insurance is delighted to announce that AM Best has revised its outlook to positive from stable for the Long-Term Issuer Credit Rating (ICR).

AM Best also affirmed the Financial Strength Rating (FSR) of B++ (Good) and the Long-Term ICR of “bbb” (Good) of Irwell Insurance Company Limited.

“We are delighted that Irwell’s balance sheet strength and operating performance has been recognised by AM Best,” said Giles Reading, CEO of Irwell.

“Our impressive results stem from developing market-leading products, high client retention rates and an unwavering commitment to providing an opportunity-rich workplace culture for staff.

“With a robust platform set by our accomplishments in 2024 and a series of senior appointments, we are well-placed to satisfy evolving market risks and the complex needs of our coverholders.”

AM Best explains that the outlook of the FSR is stable and the Credit Ratings reflect Irwell’s balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.

Manchester based Irwell has a track record of positive operating performance, reporting a five-year (FY20-24) weighted average return on equity ratio of 13%. Underwriting profits are the main driver of earnings, with the company reporting a five-year weighted average combined ratio of 85%.

The positive outlook on the Long-Term ICR reflects improvement in Irwell’s balance sheet strength and operating performance over recent years. AM Best expects that the company’s earnings will continue to grow over the medium term, translating in solid capital generation, sufficient to support its high growth strategic plan.

Source: AM Best