A.M. Best Withdraws Canadian Public Data Ratings; Will Maintain Interactive Ratings

A.M. Best Co. has withdrawn its Canadian public data (pd) ratings, as previously indicated in a press release issued April 27, 2010. A category NR-5 (Not Formally Followed) has been assigned to the financial strength ratings (FSR) and an “nr” to the issuer credit ratings (ICR) of formerly pd rated Canadian property/casualty insurers. A.M. Best will continue to maintain its interactive ratings of Canadian property/casualty and life insurers.

The withdrawal of the pd ratings is a reflection of the increasing challenges facing the Canadian property/casualty industry. These challenges include upcoming changes in accounting standards, an active regulatory environment, especially in provinces with private automobile insurance systems, a trend of more frequent and severe weather-related events and continued volatility in the investment markets. As a result, it has become more difficult to assign ratings based solely on public data without interaction with insurance company management.

A.M. Best remains committed to providing ratings for the Canadian property/casualty and life insurance industries. Currently, A.M. Best interactively rates 176 Canadian companies inclusive of individual property/casualty, life companies and Canadian branches.

The pd ratings for the following companies have been withdrawn and a category NR-5 (Not Formerly Followed) has been assigned to the FSRs and an “nr” to the ICRs:

-- Alberta Motor Association Insurance Company

-- Algoma Mutual Insurance Company

-- Allstate Insurance Company of Canada

-- Alpha Assurance Company

-- Antigonish Farmers Mutual Insurance Company

-- Aviva Insurance Company of Canada

-- Canadian Direct Insurance Inc.

-- Certas Direct Insurance Company

-- Clare Mutual Insurance Company

-- CUMIS General Insurance Company

-- The Dominion of Canada General Insurance Company

-- Economical Mutual Insurance Company

-- Elite Insurance Company

-- Federation Insurance Company of Canada

-- Fenchurch General Insurance Company

-- First North American Insurance Company

-- Glengarry Mutual Insurance Company

-- Gore Mutual Insurance Company

-- Grain Insurance and Guarantee Company

-- Green Shield Canada

-- Industrielle Alliance, Assurance Auto et Habitation, Inc.

-- The Kings Mutual Insurance Company

-- La Capitale, Compagnie D’Assurance Generale

-- Legacy General Insurance Company

-- L’Unique Compagnie D’Assurances Generales

-- The Missisquoi Insurance Company

-- The Mutual Fire Insurance Company of B.C.

-- North Waterloo Farmers Mutual Insurance Company

-- Omega General Insurance Company

-- Pacific Coast Fishermens Mutual Marine Insurance Company

-- Pafco Insurance Company Ltd

-- Pembridge Insurance Company

-- The Personal Insurance Company

-- Perth Insurance Company

-- Pictou County Farmers Mutual Fire Insurance Company

-- Pool Insurance Company

-- The Portage La Prairie Mutual Insurance Company

-- Primmum Insurance Company

-- Prince Edward Island Mutual Insurance Company

-- Promutuel Reassurance

-- RBC General Insurance Company

-- RBC Insurance Company of Canada

-- Red River Valley Mutual Insurance Company

-- S&Y Insurance Company

-- Saskatchewan Mutual Insurance Company

-- Security National Insurance Company

-- TD General Insurance Company

-- TD Home and Auto Insurance Company

-- Traders General Insurance Company

-- Waterloo Insurance Company

-- Western Surety Company

The principal methodology used in determining these ratings is http://www.ambest.com/ratings/methodology/bcrm.pdf, which provides a comprehensive explanation of A.M. Best’s rating process and highlights the different rating criteria employed. Methodologies can be found at http://www.ambest.com/ratings/methodology.