Best’s News & Research Service - February 22, 2022 01:54 PM (EST)
AM Best Assigns Credit Ratings to Beneva Inc.’s Operating Subsidiaries
- February 22, 2022 01:54 PM (EST)
Oldwick //BestWire// - AM Best has assigned a Financial Strength Rating (FSR) of A (Excellent) and a Long-Term Issuer Credit Rating (Long-Term ICR) of “a” (Excellent) to Unica Insurance Inc. (Unica) (Ontario, Canada). At the same time, AM Best has assigned an FSR of A (Excellent) and a Long-Term ICR of “a” (Excellent) to L’Unique Assurances Generales Inc. (L’Unique) (Quebec, Canada). The outlook assigned to these Credit Ratings (ratings) is stable. Both Unica and L’Unique are integral components that comprise a portion of Beneva Inc., with SSQ, Life Insurance Company Inc. (SSQ) being the lead rated entity.
The ratings of Unica reflect its balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management (ERM).
Unica, originally founded in 1955, provides niche commercial and VIP personal insurance solutions to protect client’s homes, vehicles and businesses, while also providing umbrella liability. Unica writes exclusively within Ontario and distributes products through a network of select insurance brokers.
The ratings of L’Unique reflect its balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate ERM.
L’Unique was founded in 1978 and writes auto, home, recreational vehicle, commercial insurance and surety through a network of brokers, exclusively in Quebec.
The ratings of both Unica and L’Unique consider the benefit that each entity receives operating as part of the larger Beneva organization in support of the common business strategy. The ratings also reflect the commitment by Beneva management to integrate each company further into the overall organization with SSQ, resulting in a broader organization serving a diverse clientele.
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.