AM Best Upgrades Issuer Credit Rating of Peace Hills General Insurance Company

OLDWICK, N.J.--(BUSINESS WIRE)--
AM Best has upgraded the Long-Term Issuer Credit Rating (Long-Term ICR) to “bbb+” (Good) from “bbb” (Good) and affirmed the Financial Strength Rating of B++ (Good) of Peace Hills General Insurance Company (Peace Hills) (Alberta, Canada). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect Peace Hills’ balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.

The Long-Term ICR upgrade reflects Peace Hills’ strongest level of risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR). The company’s risk-adjusted capitalization and operating performance have benefited from corrective actions taken to improve risk selection along with rate increases in its core business lines. Peace Hills’s balance sheet strength is further enhanced by improved liquidity metrics and reduced reinsurance dependance. The stable outlooks reflect a trend of favorable operating performance over the last three years.

Peace Hills is a writer of personal and commercial automobile and property insurance predominantly in Alberta and British Columbia. The company is a subsidiary of the Samson Cree Nation, an organization with multiple non-insurance operations.

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.

src="https://cts.businesswire.com/ct/CT?id=bwnewssty=20221108006216r1sid=acqr8distro=nxlang=en" style="width:0;height:0" />

View source version on businesswire.com: https://www.businesswire.com/news/home/20221108006216/en/

Michael Buckley
Financial Analyst

+1 908 439 2200, ext. 5658

michael.buckley@ambest.com

Rosemarie Mirabella
Director

+1 908 439 2200, ext. 5892

rosemarie.mirabella@ambest.com

Christopher Sharkey
Manager, Public Relations

+1 908 439 2200, ext. 5159

christopher.sharkey@ambest.com

Al Slavin
Communications Specialist

+1 908 439 2200, ext. 5098

al.slavin@ambest.com

Source: AM Best