Best Announces Ratings on 55 Canadian P/C Insurers

A.M. Best Co. has “affirmed the financial strength ratings of 38 Canadian insurers, downgraded the ratings of four, upgraded the ratings of nine and assigned initial ratings to four Canadian property/casualty insurers.”

Best said the reason for grouping a number of company’s together in the announcement was due to the fact their “ratings are based solely upon public information and present the most informed view Best can offer, short of an insurer participating in the full interactive rating process.”

The rating agency also said that its “public data (PD) ratings are assigned to Canadian, U.K. and other European insurers, as well as Health Maintenance Organizations (HMOs) and health insurers that do not subscribe to Best’s interactive rating process. Best uses the same rating scale and definitions as it does for its long-term financial strength interactive ratings but applies a PD rating modifier to ensure the user is aware of the more limited information basis for the rating. The rating process includes detailed interviews of senior management and access to non-public data and other information. Information on issues that is typically limited in the public domain plays a significant part in the interactive rating analysis.”

Best affirmed ratings for the following:
Alberta Motor Association Insurance Company B++
Allstate Insurance Company of Canada B+
La Capitale, Compagnie d’Assurance Generale A-
Eagle Star Insurance Company Limited CAB B+
Farmers’ Mutual Insurance Company (Lindsay) B+
Glengarry Farmers’ Mutual Fire Insurance Company B++
HSBC Canadian Direct Insurance Inc. B+
Industrial – Alliance General Insurance Company B-
Pacific Coast Fishermens Mutual Marine Insurance Company B++
Pictou County Farmers Mutual Fire Insurance Company B+
Pool Insurance Company B+
Security National Insurance Company B++
The Portage La Prairie Mutual Insurance Company B+
TD General Insurance Company B+
Prince Edward Island Mutual Insurance Company B++
Red River Valley Mutual Insurance Company B++
Saskatchewan Mutual Insurance Company B++
Western Surety Company B++
Le Mans Re CAB B+
Gore Mutual Insurance Company B+
Promutuel Reassurance B+
CAA Insurance Company (Ontario) BB
CAA Insurance Corporation B-
Saskatchewan Motor Club Insurance Company Limited B+
Personal General Insurance Inc. B++
Personal Insurance Company B
Southeastern Mutual Insurance Company B+
Dominion of Canada General Insurance Company A-
Desjardins Assurances Generales Inc. B++
Orleans General Insurance Company B+
Mutual Fire Insurance Company of B.C. B++
Economical Mutual Insurance Company B+
Federation Insurance Company of Canada B+
Langdon Insurance Company B+
Missisquoi Insurance Company B++
Perth Insurance Company B+
RBC General Insurance Company B+
Waterloo Insurance Company B+

Best downgraded the ratings of the following:
Canadian property/casualty companies:
Antigonish Farmers Mutual Fire Insurance B+
Canassurance General Ins. Co. Inc. B+
Primmum Insurance Company B+
RBC Travel Insurance Company B+

Best upgraded the ratings of the following:
Canadian P/C companies:
Grain Insurance and Guarantee Company B++
Legacy General Insurance Company A-
London and Midland General Insurance Company A-
North Waterloo Farmers Mutual Insurance Company B++
CUMIS General Insurance Company B
Canadian Northern Shield Insurance Company B
Algoma Mutual Insurance Company B
Clare Mutual Insurance Company B
Pembridge Insurance Company B