(August 2 – 10:45 ET) – A.M. Best Co. has assigned “qualified” ratings to 15 Canadian life insurers previously rated by TRAC Insurance Services. Best now provides rating coverage for 96 Canadian life insurers, giving it the greatest rating penetration of any rating agency in the Canadian market.
The following Canadian life insurance companies have received ratings:
- Aegis Insurance Corp. — B+ q
- Cigna Life Insurance Company of Canada — B+ q
- CNA Life Insurance Company of Canada — B+ q
- Commercial Union Life Assurance Company of Canada — B++ q
- Cumis Life Insurance Co. — B++ q
- The Equitable Life Insurance Company of Canada — B++ q
- Federated Life Insurance Company of Canada — B++ q
- GAN VIE Compagnie Francaise d’Assur. sur la vie (Canadian Branch) — B+ q
- Norwich Union Life Insurance Co. (Canada) — B++ q
- Penncorp Life Insurance Co. — B+ q
- Primerica Life Insurance Company of Canada – -B++ q
- Reliable Life Insurance Co. — B+q
- Scotia Life Insurance Co. — B+ q
- Toronto Mutual Life Insurance Co. — B+ q
- The Western Life Assurance Co. — B+ q
The company says the ratings are based on 15 tests in the three major analytical areas of financial strength, operating performance and market profile. Financial strength measures are assigned the greatest weight (55%), followed by operating performance (30%) and market profile (15%).
Ratings are available free of charge on the Internet at www.ambest.com.
Best says companies assigned ratings of Aq to B+q generally have strong to adequate capitalization relative to the business they underwrite, satisfactory operating results and a good market profile, such as business and/or geographic diversification. Companies assigned vulnerable ratings of Bq to Dq have low or inadequate capitalization, a history of adverse claims development, poor operating performance or exhibit other market vulnerabilities.
-IE Staff