Best’s News & Research Service - February 11, 2022 02:06 PM (EST)
AM Best Assigns Issuer Credit Rating to Definity Financial Corporation
- February 11, 2022 02:06 PM (EST)
Oldwick //BestWire// - AM Best has assigned a Long-Term Issuer Credit Rating of “bbb-” (Good) to Definity Financial Corporation (Definity Financial) (Ontario, Canada). The outlook assigned to this Credit Rating (rating) is stable.
The rating reflects the company’s ownership of its operating subsidiary, Definity Insurance Company (DIC), as well as its intention to remain a non-operating holding company. DIC was previously named Economical Mutual Insurance Company (Economical), and is one of the largest property/casualty writers in Canada. DIC and Definity Financial recently finished the process of demutualizing and an initial public offering, respectively, on Nov. 23, 2021. In the process, Definity Financial became the owner of all outstanding DIC shares, and in December 2021 Economical was renamed to DIC.
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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.