AM Best Upgrades Credit Ratings of Co-operators General Insurance Company and Its Subsidiary, Affirms Credit Ratings of Co-operators Life Insurance Company

OLDWICK, N.J.--(BUSINESS WIRE)--
AM Best has upgraded the Financial Strength Rating (FSR) to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) to “a” (Excellent) from “a-” (Excellent) of Co-operators General Insurance Company (CGIC) and its subsidiary, Sovereign General Insurance Company (Sovereign General), both domiciled in Ontario, Canada. Also, AM Best has affirmed the FSR of A (Excellent) and the Long-Term ICR of “a” (Excellent) of Co-operators Life Insurance Company (CLIC) (Saskatchewan, Canada). The outlook of these Credit Ratings (ratings) is stable.

The ratings of CGIC and Sovereign General reflect CGIC’s 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).

The rating upgrades reflect the strategic importance of CGIC to The Co-operators Group Limited (CGL) enterprise, as the business produced by CGIC is strategic to the parent’s overall business plan and operations while providing the potential for greater growth opportunities throughout Canada. Through CGIC and CLIC, CGL is the fourth-largest property/casualty writer and 11^th-largest life company in Canada, based on direct premiums written.

The ratings of Co-operators Life 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. The company offers a wide variety of products to individual, group and credit union markets throughout Canada.

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 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 © 2021 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

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Gordon McLean
Senior Financial Analyst

+1 908 439 2200, ext. 5304

gordon.mclean@ambest.com

Gregory T. Williams
Senior Director

+1 908 439 2200, ext. 5815

gregory.williams@ambest.com

Christopher Sharkey
Manager, Public Relations

+1 908 439 2200, ext. 5159

christopher.sharkey@ambest.com

Jim Peavy
Director, Communications

+1 908 439 2200, ext. 5644

james.peavy@ambest.com

Source: AM Best