CONTACTS:
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A.M. Best Co. has withdrawn its Canadian public data (pd) ratings, as previously indicated in a press release issued April 27, 2010.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The pd ratings for the following companies have been withdrawn and a category NR-5 (Not Formerly Followed) has been assigned to the FSRs and an "nr" to the ICRs: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.