CONTACTS:
FOR IMMEDIATE RELEASE
OLDWICK, N.J. - JUNE 16, 2003 12:00 AM (EDT)
A.M. Best Co. has affirmed the public data (pd) ratings of 32 insurers, downgraded the pd ratings of eight, upgraded the ratings of two and assigned initial pd ratings to two Canadian property/casualty insurers.
A.M. Best's pd ratings may be assigned to Canadian, U.K. and other European insurers, as well as Health Maintenance Organizations (HMOs) and health insurers that do not subscribe to A.M. Best's 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 rating modifier to ensure the user is aware of the more limited information basis for the rating.
An interactive A.M. Best rating is produced at the request of the insurer. The rating process includes detailed interviews of senior management and access to non-public data and other information. Information on issues that typically would be only limited information in the public domain plays a significant part in the interactive rating analysis. A.M. Best interactively rates a majority of insurers in Canada.
For the remaining companies, A.M. Best is restricted to publicly available information as a basis for its rating opinion. The analysis behind pd ratings seeks to incorporate all relevant information available in the public domain on the insurer. As with A.M. Best's interactive rating process, pd ratings incorporate a review of balance sheet strength, operating performance and business profile. Moreover, A.M. Best's pd rating analysis reflects knowledge of the company's
peers, the market sector(s) in which the company operates and the strategic and financial outlook for those sectors. Concurrently, the pd rating is based on a detailed review by a committee of experienced A.M. Best insurance analysts. They present the most informed view A.M. Best can offer, short of an insurer participating in the full interactive rating process.
A.M. Best has affirmed the pd ratings of the following property/casualty companies:
COMPANY RATING
Alberta Motor Association Insurance Company - B++pd
Allstate Insurance Company of Canada - B+pd
Pembridge Insurance Company - B-pd
Alpha Assurance Company - B++pd
Canassurance General Ins. Co. Inc. - B++pd
La Capitale, Compagnie d'Assurance Generale - A-pd
Eagle Star Insurance Company Limited CAB - B+pd
Groupe Estrie-Richelieu Compagnie d'Assurance - B++pd
Farmers' Mutual Insurance Company (Lindsay) - B+pd
Glengary Farmers' Mutual Fire Insurance Company - B++pd
Grain Insurance and Guarantee Company - B+pd
Heritage General Insurance Company - B++pd
HSBC Canadian Direct Insurance Inc - B+pd
Industrial-Alliance General Insurance Company - B-pd
Legacy General Insurance Company - B++pd
London and Midland General Insurance Company - B++pd
North Waterloo Farmers' Mutual Insurance Company - B+pd
Pacific Coast Fishermen's Mutual Marine Insurance Company - B++pd
Pictou County Farmers Mutual Fire Insurance Company - B+pd
Pool Insurance Company - B+pd
The Portage La Prairie Mutual Insurance Company - B+pd
Primmum Insurance Company - B++pd
TD General Insurance Company - B+pd
Prince Edward Island Mutual Insurance Company - B++pd
RBC General Insurance Company - B+pd
RBC Travel Insurance Company - B++pd
Red River Valley Mutual Insurance Company - B++pd
Saskatchewan Mutual Insurance Company - B++pd
Western Surety Company - B++pd
Le Mans Re CAB - B+pd
Gore Mutual Insurance Company - B+pd
Promutuel Reassurance - B+pd
A.M. Best has downgraded the pd ratings of the following property/casualty companies:
COMPANY RATING
Algoma Mutual Insurance Company - B-pd
CAA Insurance Company (Ontario) - B pd
CUMIS General Insurance Company - C++pd
Canadian Northern Shield Insurance Company - C++pd
Peace Hills General Insurance Company - C++pd
BCAA Insurance Corporation - B-pd
Maritime Insurance Company Limited (Canada Branch) - B pd
West Wawanosh Mutual Insurance Company - Bpd
A.M. Best has upgraded the pd ratings of the following property/casualty companies:
COMPANY RATING
Security National Insurance Company - B++pd
Antigonish Farmers Mutual Fire Insurance - B++pd
A.M. Best has assigned initial pd ratings to the following property/casualty companies:
COMPANY RATING
Clare Mutual Insurance Company - B-pd
Saskatchewan Motor Club Insurance Company Limited - B+pd
A.M. Best Co., established in 1899, is the world's oldest and most authoritative insurance rating and information source.