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A.M. Best Europe – Rating Services Limited Has Obtained ECAI Status Under New European Union Regulations

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© Business Wire 2014
2014-02-05 16:11:01 -

A.M. Best Europe – Rating Services Limited (AMBERS) has confirmed that it has obtained External Credit Assessment Institution (ECAI) status under new European Union (EU) regulations, which came into force in January 2014. This follows the adoption in June 2013 of the EU legislative package known as the Capital Requirements Directive IV (CRD IV), which confers ECAI status on all credit rating agencies registered or certified in the EU.

ECAIs play a significant role in the standardised approach and securitisation framework of prudential regulation through the mapping of each of their credit assessments to corresponding risks. The European Banking Authority (EBA), together with the European Securities and Markets Authority (ESMA) and the European Insurance and Occupational Pensions Authority (EIOPA), is to

conduct this mapping exercise, which is expected to be completed by July 2014. AMBERS anticipates that this will then enable its ratings to be used for risk weighting purposes for banking regulatory capital and insurance regulatory capital under the Solvency II regime once implemented.

Roger Sellek, chief executive officer – A.M. Best EMEA & Asia-Pacific, said: “ECAI status helps to reinforce A.M. Best’s position not only in the European (re)insurance marketplace, but also in the broader financial markets within the EU.”

A.M. Best Europe – Rating Services Limited is a subsidiary of A.M.

Best Company. A.M. Best Company is the world's oldest and most authoritative insurance rating and information source. For more information, visit : .. .

Copyright © 2014 by A.M. Best Company, Inc. ALL RIGHTS RESERVED

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A.M. Best CompanyNick Charteris-BlackManaging
Director, MarketDevelopment – EMEA+(44) 20

7397 0284 : orEdem
KuenyehiaAssociate Director, Market Development&

Communications+(44) 20 7397 0280 : orJim

PeavyAssistant Vice President, Public Relations+(1)

908 439 2200, ext. 5644 :

Hossam Abdel-Kader
Phone: +43 1 9582319

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