CONTACTS:
FOR IMMEDIATE RELEASE
OLDWICK, N.J. - JUNE 23, 2009 02:30 PM (EDT)
A.M. Best Co. has affirmed the financial strength ratings (FSR) and issuer credit ratings (ICR) of 33 Canadian property/casualty companies; upgraded one FSR and ICR; upgraded four ICRs (with no revision to the FSRs); assigned four FSRs and ICRs and downgraded nine FSRs and ICRs. (See below for a detailed list of the companies and ratings.)
These ratings are based solely upon public information and present the most informed view A.M. Best can offer, short of an insurer participating in the full interactive rating process. A.M. Best uses the same rating scale and definitions as it does for its long-term financial strength interactive ratings, but applies a pd modifier to ensure the user is aware of the more limited information basis for the rating.
A.M. Best has affirmed the FSRs and ICRs of the following Canadian property/casualty companies:
Company Name FSR Descriptor ICR
Alberta Motor Association
Insurance Company B++ (Good) "bbb"
Algoma Mutual Insurance Company B+ (Good) "bbb-"
Allstate Insurance Company of Canada A- (Excellent) "a-"
Alpha Assurance Company A- (Excellent) "a-"
Antigonish Farmers Mutual
Insurance Company B+ (Good) "bbb-"
Aviva Insurance Company of Canada A- (Excellent) "a-"
Canadian Direct Insurance Inc. B+ (Good) "bbb-"
Clare Mutual Insurance Company B+ (Good) "bbb-"
CUMIS General Insurance Company B+ (Good) "bbb-"
Economical Mutual Insurance Company B++ (Good) "bbb"
Elite Insurance Company B (Fair) "bb"
Farmers' Mutual Insurance
Company (Lindsay) B++ (Good) "bbb+"
Glengarry Mutual Insurance Company B++ (Good) "bbb"
Gore Mutual Insurance Company B++ (Good) "bbb+"
Grain Insurance and Guarantee
Company A- (Excellent) "a-"
Green Shield Canada B++ (Good) "bbb+"
Industrielle Alliance, Assurance
Auto et Habitation, Inc. C++ (Marginal) "b+"
The Kings Mutual Insurance Company B+ (Good) "bbb-"
Legacy General Insurance Company A- (Excellent) "a-"
Pembridge Insurance Company A- (Excellent) "a-"
Perth Insurance Company B+ (Good) "bbb-"
Pictou County Farmers Mutual
Fire Insurance Company B++ (Good) "bbb+"
Pool Insurance Company B+ (Good) "bbb-"
Prince Edward Island Mutual I
nsurance Company B++ (Good) "bbb+"
RBC General Insurance Company B++ (Good) "bbb"
RBC Insurance Company of Canada A- (Excellent) "a-"
Red River Valley Mutual Insurance Company A- (Excellent) "a-"
Saskatchewan Mutual Insurance Company A- (Excellent) "a-"
Security National Insurance Company B+ (Good) "bbb-"
TD General Insurance Company B (Fair) "bb+"
The Personal Insurance Company B+ (Good) "bbb-"
Traders General Insurance Company B+ (Good) "bbb-"
Western Surety Company B++ (Good) "bbb+"
A.M. Best has upgraded the FSRs and the ICRs of the following Canadian property/casualty companies:
.Company Name FSR Descriptor ICR
The Mutual Fire Insurance Company of B.C. A- (Excellent) "a-"
A.M. Best has affirmed the FSRs and upgraded the ICRs of the following Canadian property/casualty companies:
Company Name FSR Descriptor ICR
First North American Insurance Company B++ (Good) "bbb+"
Pacific Coast Fishermens Mutual
Marine Insurance Company B++ (Good) "bbb+"
Primmum Insurance Company B (Fair) "bb+"
The Portage La Prairie
Mutual Insurance Company B++ (Good) "bbb+"
A.M. Best has assigned FSRs and ICRs to the following Canadian property/casualty companies:
Company Name FSR Descriptor ICR
Omega General Insurance Company B (Fair) "bb"
Pafco Insurance Company Ltd B++ (Good) "bbb+"
S&Y Insurance Company C++ (Marginal) "b+"
SecuriCan General
Insurance Company C+ (Marginal) "b-"
A.M. Best has downgraded the FSRs and ICRs of the following Canadian property/casualty companies:
Company Name FSR Descriptor ICR
Certas Direct Insurance Company B+ (Good) "bbb-"
Federation Insurance Company of Canada B (Fair) "bb"
Fenchurch General Insurance Company B (Fair) "bb+"
Missisquoi Insurance Company B+ (Good) "bbb-"
North Waterloo Farmers
Mutual Insurance Company B+ (Good) "bbb-"
Promutuel Reassurance B+ (Good) "bbb-"
TD Home and Auto Insurance Company B (Fair) "bb"
The Dominion of Canada General I
nsurance Company B++ (Good) "bbb"
Waterloo Insurance Company B+ (Good) "bbb-"
For Best's Credit Ratings, an overview of the rating process and rating methodologies, please visit Best's Ratings & Analysis.
The principal methodologies used in determining these ratings, including any additional methodologies and factors that may have been considered, can be found at Best's Credit Rating Methodology.
Founded in 1899, A.M. Best Company is a global full-service credit rating organization dedicated to serving the financial and health care service industries, including insurance companies, banks, hospitals and health care system providers.