Leading legal expenses and liability insurer Irwell Insurance is delighted to announce that AM Best upgraded its outlook to positive from stable for the Long-Term Issuer Credit Rating (ICR) in December 2024.

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

“We are delighted that Irwell’s balance sheet strength and robust 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,” Reading added.

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.

With a positive long term ICR, risk-adjusted capitalisation assessed at the strongest level, balance sheet strength assessed as strong and a high-quality asset base, AM Best affirms that Irwell is well-poised to achieve its high growth strategic plan.

For the Best’s Credit Rating, access www.ambest.com