Best Affirms GCAN ‘A’ Rating

A.M. Best Co. announced that it has affirmed the financial strength rating of “A” (Excellent) of Toronto-based GCAN Insurance Company following the announcement that the Ontario Teachers’ Pension Plan (OTPP) had acquired the ownership of the company from Torquest Partners Value Fund L.P., Newport Capital Insurance Limited Partnership, CIBC Capital Partners and management. The rating outlook is stable.

“GCAN is a successful commercial lines insurance carrier in Canada,” said Best. “The company has a long history of superior underwriting and operating performance, which supports its excellent capitalization.

“OTPP was established by the Province of Ontario to administer and manage the plan’s assets and benefits for active and retired teachers throughout Ontario.”