A.M. Best Co. has upgraded the public data (pd) financial strength ratings of 12 property/casualty Canadian insurers.
These pd ratings are based solely upon public information and present the most informed view A.M. Best can offer, short of an insurer participating in the full interactive rating process.
These pd rating upgrades are reflective of stronger capitalization and improved operating performance for each of the companies. In recent years, improved operating performance and capitalization has been in direct correlation with auto reforms throughout many of the provinces in Canada, as well as lower claims frequency and more adequate pricing. Based on company-specific and industry-wide financial analysis, A.M. Best anticipates these companies in the near term will be able to maintain their favorable operating performance and capital strength during the apparent downturn in the underwriting cycle.
A.M. Best’s pd ratings are assigned to insurers in select markets 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.
A.M. Best has upgraded the pd ratings of the following Canadian property/casualty companies:
- Alberta Motor Association Insurance Company, A- (Excellent);
- Allstate Insurance Company of Canada, A- (Excellent);
- Alpha Assurance Company, A- (Excellent);
- Certas Direct Insurance Company, B+ (Very Good);
- Economical Mutual Insurance Company, B++ (Very Good);
- Farmers’ Mutual Insurance Company (Lindsay), B++ (Very Good);
- Gore Mutual Insurance Company, B++ (Very Good);
- Pictou County Farmers Mutual Fire Insurance Company, B++ (Very Good);
- TD General Insurance Company, B+ (Very Good);
- The Personal Insurance Company, B+ (Very Good);
- Traders General Insurance Company, B+ (Very Good); and
- Waterloo Insurance Company, B++ (Very Good)