The ecarinsurance.co.uk website is part of the eGroup Insurance companies and the site provides short term and “pay as you go” car insurance in addition to standard insurance policies. The eCar site arose after the successful eBike platform launched in 2004. All eGroup Insurance websites combined have sales exceeding one million policies with growth continuing at a rapid pace.
Southern Rock Insurance Company Limited partially underwrites eCar's car insurance policies.
Is eCar insurance financially strong?
In order to ascertain the financial strength of eCar policies, it is necessary to check the ratings of the underwriters Southern Rock Insurance Company, which is registered in Gibraltar. The company is Authorised and Regulated by the Financial Services Commission of Gibraltar according European Union standards.
Major companies like Standard & Poor’s publish insurance company financial strength ratings on a regular basis.
Standard & Poor’s ratings (S & P)
S & P last rated Southern Rock Insurance Company Limited in 2007 when it upgraded the company from a "BB-" to a "BB" rating. The BB rating is the fifth highest possible score from S & P and is given to companies that have marginal financial security characteristics.
Bond noted that the company could improve its product and geographical diversification, but that its rapid expansion in the online market is a very positive sign.
However, it appears that Southern Rock Insurance Company Limited has withdrawn its listing on Standard & Poor's as its ratings no longer appear on the S & P's website.
Overall evaluation of ecarinsurance.co.uk
As of 2007, ecarinsurance.co.uk's underwriter Southern Rock Insurance Company Limited offered "marginal" financial security as attested by the S & P "BB" rating. However, the company is no longer rated by S & P, so its financial strength is somewhat of a question mark.
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