OCTOBER 14, 2021 03:19 PM (EDT)
AM Best Withdraws Credit Ratings of Canadian Subsidiaries of Aviva plc
|Michael Dunckley, CFA|
+44 20 7397 0276
Catherine Thomas, CFA
Senior Director, Analytics
+44 20 7397 0281
Manager, Public Relations
+1 908 439 2200, ext. 5159
+1 908 439 2200, ext. 5644
FOR IMMEDIATE RELEASE
LONDON - OCTOBER 14, 2021 03:19 PM (EDT)
AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a+” (Excellent) of Aviva Insurance Company of Canada, Elite Insurance Company, Pilot Insurance Company, S&Y Insurance Company, Scottish & York Insurance Company, Limited and Traders General Insurance Company (all domiciled in Canada), which are subsidiaries of Aviva plc (Aviva) (United Kingdom). The outlook of these Credit Ratings (ratings) is positive. Concurrently, AM Best has withdrawn the ratings as the companies have requested to no longer participate in AM Best’s interactive rating process.
The ratings reflect the strategic importance of these subsidiaries to Aviva. On a consolidated basis, Aviva has balance sheet strength that AM Best assesses as very strong, as well as strong operating performance, a favorable business profile and appropriate enterprise risk management.
Following the announced divestments of non-core business units, principally in Italy and France, Aviva has refocused its strategy on core businesses in the United Kingdom, Ireland and Canada. Aviva’s Canada operations are strategically important to the group and represented 39% of core markets general insurance gross written premiums in 2020. Equally, Canada represents an important profit driver, accounting for 57% of core markets general insurance operating profits in 2020.
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 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 specialising 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.