AM Best


A.M. Best Withdraws Canadian Public Data Ratings; Will Maintain Interactive Ratings


CONTACTS:

Jacqalene Catrino

Financial Analyst

(908) 439-2200, ext. 5762

jacqalene.catrino@ambest.com

Jeffrey Mango, CPA

Assistant Vice President

(908) 439-2200, ext. 5204

jeffrey.mango@ambest.com

Rachelle Morrow

Senior Manager, Public Relations

(908) 439-2200, ext. 5378

rachelle.morrow@ambest.com

Jim Peavy

Assistant Vice President, Public Relations

(908) 439-2200, ext. 5644

james.peavy@ambest.com


FOR IMMEDIATE RELEASE

OLDWICK, N.J. - AUGUST 31, 2010 12:00 AM (EDT)
A.M. Best Co. has withdrawn its Canadian public data (pd) ratings, as previously indicated in a press release issued April 27, 2010. A category NR-5 (Not Formally Followed) has been assigned to the financial strength ratings (FSR) and an "nr" to the issuer credit ratings (ICR) of formerly pd rated Canadian property/casualty insurers. A.M. Best will continue to maintain its interactive ratings of Canadian property/casualty and life insurers.

The withdrawal of the pd ratings is a reflection of the increasing challenges facing the Canadian property/casualty industry. These challenges include upcoming changes in accounting standards, an active regulatory environment, especially in provinces with private automobile insurance systems, a trend of more frequent and severe weather-related events and continued volatility in the investment markets. As a result, it has become more difficult to assign ratings based solely on public data without interaction with insurance company management.

A.M. Best remains committed to providing ratings for the Canadian property/casualty and life insurance industries. Currently, A.M. Best interactively rates 176 Canadian companies inclusive of individual property/casualty, life companies and Canadian branches.

The pd ratings for the following companies have been withdrawn and a category NR-5 (Not Formerly Followed) has been assigned to the FSRs and an "nr" to the ICRs:

- Alberta Motor Association Insurance Company

- Algoma Mutual Insurance Company

- Allstate Insurance Company of Canada

- Alpha Assurance Company

- Antigonish Farmers Mutual Insurance Company

- Aviva Insurance Company of Canada

- Canadian Direct Insurance Inc.

- Certas Direct Insurance Company

- Clare Mutual Insurance Company

- CUMIS General Insurance Company

- The Dominion of Canada General Insurance Company

- Economical Mutual Insurance Company

- Elite Insurance Company

- Federation Insurance Company of Canada

- Fenchurch General Insurance Company

- First North American Insurance Company

- Glengarry Mutual Insurance Company

- Gore Mutual Insurance Company

- Grain Insurance and Guarantee Company

- Green Shield Canada

- Industrielle Alliance, Assurance Auto et Habitation, Inc.

- The Kings Mutual Insurance Company

- La Capitale, Compagnie D'Assurance Generale

- Legacy General Insurance Company

- L'Unique Compagnie D'Assurances Generales

- The Missisquoi Insurance Company

- The Mutual Fire Insurance Company of B.C.

- North Waterloo Farmers Mutual Insurance Company

- Omega General Insurance Company

- Pacific Coast Fishermens Mutual Marine Insurance Company

- Pafco Insurance Company Ltd

- Pembridge Insurance Company

- The Personal Insurance Company

- Perth Insurance Company

- Pictou County Farmers Mutual Fire Insurance Company

- Pool Insurance Company

- The Portage La Prairie Mutual Insurance Company

- Primmum Insurance Company

- Prince Edward Island Mutual Insurance Company

- Promutuel Reassurance

- RBC General Insurance Company

- RBC Insurance Company of Canada

- Red River Valley Mutual Insurance Company

- S&Y Insurance Company

- Saskatchewan Mutual Insurance Company

- Security National Insurance Company

- TD General Insurance Company

- TD Home and Auto Insurance Company

- Traders General Insurance Company

- Waterloo Insurance Company

- Western Surety Company


The principal methodology used in determining these ratings is Best's Credit Rating Methodology - Global Life and Non-Life Insurance Edition, which provides a comprehensive explanation of A.M. Best's rating process and highlights the different rating criteria employed. Methodologies 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.

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