A.M. Best Takes Various Rating Actions on 52 Canadian Property/Casualty Insurers

OLDWICK, N.J., June 22 2007 – A.M. Best Co. has affirmed the financial strength ratings (FSR) of 43 Canadian property/casualty companies, upgraded five FSRs, assigned three FSRs and downgraded one FSR. In addition, A.M. Best has assigned each company an issuer credit rating (ICR). (See below for a detailed list of the companies and ratings.)

These 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. 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 modifier to ensure the user is aware of the more limited information basis for the rating.

A.M. Best has affirmed the FSRs and assigned ICRs to the following Canadian property/casualty companies:

    Company                                         FSR             ICR

    Alberta Motor Association Insurance             A-  (Excellent) "a-"
    Algoma Mutual insurance Company                 B+  (Good)      "bbb-"
    Allstate Insurance Company of Canada            A-  (Excellent) "a-"
    Antigonish Farmers Mutual Fire Insurance        B+  (Good)      "bbb-"
    Aviva Insurance Company of Canada               A-  (Excellent) "a-"
    Canadian Direct Insurance Inc.                  B+  (Good)      "bbb-"
    Canadian Northern Shield Insurance Company      B   (Fair)      "bb"
    Clare Mutual Insurance Company                  B+  (Good)      "bbb-"
    CUMIS General Insurance Company                 B   (Fair)      "bb"
    Echelon General Insurance Company               B++ (Good)      "bbb"
    Economical Mutual Insurance Company             B++ (Good)      "bbb"
    Farmers' Mutual Insurance Company (Lindsay)     B++ (Good)      "bbb"
    Federation Insurance Company of Canada          B+  (Good)      "bbb-"
    Fenchurch General Insurance Company             B++ (Good)      "bbb"
    Gore Mutual Insurance Company                   B++ (Good)      "bbb"
    Grain Insurance and Guarantee Company           B++ (Good)      "bbb"
    Industrial-Alliance General Insurance Company   C++ (Marginal)  "b"
    La Capitale, Compagnie d'Assurance Generale     A-  (Excellent) "a-"
    Legacy General Insurance Company                A-  (Excellent) "a-"
    London and Midland General Insurance Company    A-  (Excellent) "a-"
    L'Unique Compagnie d' Assurances Generales      B++ (Good)      "bbb"
    North Waterloo Farmers Mutual Insurance Company B++ (Good)      "bbb"
    Pacific Coast Fishermens Mutual Marine          B++ (Good)      "bbb"
     Insurance Company
    The Personal Insurance Company                  B+  (Good)      "bbb-"
    Perth Insurance Company                         B+  (Good)      "bbb-"
    Pictou County Farmers Mutual Fire Insurance     B++ (Good)      "bbb"
     Company
    Pool Insurance Company                          B+  (Good)      "bbb-"
    Prince Edward Island Mutual Insurance Co        B++ (Good)      "bbb"
    Promutuel Reassurance                           B++ (Good)      "bbb"
    RBC General Insurance Company                   B+  (Good)      "bbb-"
    Red River Valley Mutual Insurance Company       B++ (Good)      "bbb"
    Saskatchewan Motor Club Insurance Company       B++ (Good)      "bbb"
     Limited
    Saskatchewan Mutual Insurance Company           A-  (Excellent) "a-"
    Security National Insurance Company             B++ (Good)      "bbb"
    TD General Insurance Company                    B+  (Good)      "bbb-"
    The Dominion of Canada General Insurance        A-  (Excellent) "a-"
     Company
    The Glengarry Mutual Insurance Company          B++ (Good)      "bbb"
    The Kings Mutual Insurance Company              B+  (Good)      "bbb-"
    The Missisquoi Insurance Company                B++ (Good)      "bbb"
    The Mutual Fire Insurance Company of B.C.       B++ (Good)      "bbb+"
    Traders General Insurance Company               B+  (Good)      "bbb-"
    Waterloo Insurance Company                      B++ (Good)      "bbb"
    Western Surety Company                          B++ (Good)      "bbb"

A.M. Best has assigned FSRs and ICRs to the following Canadian property/casualty companies:

    BCAA Insurance Corporation                      B+  (Good)      "bbb-"
    First North American Insurance Company          B++ (Good)      "bbb"
    Green Shield Canada                             B++ (Good)      "bbb"

A.M. Best has upgraded the FSRs and assigned ICRs to the following Canadian property/casualty companies:

    Certas Direct Insurance Company                 B++ (Good)      "bbb"
    Pembridge Insurance Company                     B++ (Good)      "bbb+"
    Primmum Insurance Company                       B+  (Good)      "bbb-"
    RBC Travel Insurance Company                    B++ (Good)      "bbb"
    The Portage La Prairie Mutual Insurance Company B++ (Good)      "bbb"

A.M. Best has downgraded the FSR and assigned an ICR to the following
Canadian property/casualty company:

    Elite Insurance Company                         B+  (Good)      "bbb-"

About A.M. Best Company

Founded in 1899, A.M. Best Company is a full-service credit rating organization dedicated to serving the financial services industries, including the banking and insurance sectors. For more information, visit www.ambest.com.

Tags: , , ,