AM Best Assigns Issuer Credit Rating to Definity Financial Corporation

Business Wire

OLDWICK, N.J.--(BUSINESS WIRE)--
AM Best has assigned a Long-Term Issuer Credit Rating of “bbb-” (Good) to Definity Financial Corporation (Definity Financial) (Ontario, Canada). The outlook assigned to this Credit Rating (rating) is stable.

The rating reflects the company’s ownership of its operating subsidiary, Definity Insurance Company (DIC), as well as its intention to remain a non-operating holding company. DIC was previously named Economical Mutual Insurance Company (Economical), and is one of the largest property/casualty writers in Canada. DIC and Definity Financial recently finished the process of demutualizing and an initial public offering, respectively, on Nov. 23, 2021. In the process, Definity Financial became the owner of all outstanding DIC shares, and in December 2021 Economical was renamed to DIC.

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.