AM Best Assigns Credit Ratings to La Capitale General Insurance Inc., La Capitale Civil Service Insurer Inc.; Affirms Credit Ratings of Certain Beneva Inc. Subsidiaries

OLDWICK, N.J.--(BUSINESS WIRE)--
AM Best has assigned a Financial Strength Rating (FSR) of A (Excellent) and a Long-Term Issuer Credit Rating (Long-Term ICR) of “a” (Excellent) to La Capitale General Insurance Inc. (La Capitale General Insurance). In addition, AM Best has assigned an FSR of A (Excellent) and a Long-Term ICR of “a” (Excellent) to La Capitale Civil Service Insurer Inc. (La Capitale Civil Service Insurer). The outlook assigned to these Credit Ratings (ratings) is stable. In addition, AM Best has affirmed the FSR of A (Excellent) and the Long-Term ICRs of “a” (Excellent) of SSQ Life Insurance Company, Inc. (SSQ Life), L’Unique General Insurance Inc. (L’Unique) and Unica Insurance Inc. (Unica). The outlook of these ratings is stable.

The ratings of La Capitale Civil Service Insurer reflect its balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management (ERM). La Capitale Civil Service Insurer operates as a generalist within the individual insurance, group insurance, savings, personal lines and commercial product lines.

The ratings of La Capitale General Insurance reflect its balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate ERM. La Capitale General Insurance operates as a generalist within the personal lines and commercial product lines.

Business is written through the direct distribution channels in Quebec.

The ratings of SSQ Life reflect its balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, neutral business profile and appropriate ERM. AM Best expects SSQ Life’s consistently favorable operating performance should continue to drive capital growth following anticipated brand integration into Beneva Inc., which will begin in 2023.

The ratings of L’Unique reflect its balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate ERM. L’Unique was founded in 1978 and writes auto, home, recreational vehicle, and commercial insurance through a network of brokers, exclusively in Quebec.

The ratings of Unica reflect its balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate ERM. Unica, originally founded in 1955, provides niche commercial and VIP personal insurance solutions to protect high net worth client’s homes, vehicles and businesses, also while providing umbrella liability. Unica writes exclusively within Ontario and distributes products through a network of select insurance brokers.

The ratings of La Capitale Civil Service Insurer, La Capitale General Insurance, Unica and L’Unique consider the benefit that each entity receives operating as part of the larger Beneva organization in support of the common business strategy. The ratings also reflect the commitment by Beneva management to integrate each company further into the overall organization with SSQ Life, resulting in a broader organization serving a diverse clientele.

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 Performance Assessments, 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 specializing 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. For more information, visit www.ambest.com.

Copyright © 2022 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

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Kevin Varvaro
Financial Analyst

+1 908 439 2200, ext. 5487

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Christopher Sharkey
Manager, Public Relations

+1 908 439 2200, ext. 5159

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Gordon McLean
Senior Financial Analyst

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Al Slavin
Communications Specialist

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Source: AM Best