New Jersey-based A.M. Best Co., the global insurer ratings and information provider, announced today an enhancement to its financial strength rating analysis with the introduction of Best’s Public Data Ratings. These ratings are being applied to the Canadian insurance market. Public Data Ratings will be identified by a “pd” modifier.

A “pd” rating is used by A.M. Best to describe the long-term financial strength of an insurer or re-insurer. A.M. Best will use the same rating scale and definitions as it does for its long-term financial strength interactive ratings, but will apply a “pd” rating modifier to ensure the user is aware of the more limited information basis for the rating.

An interactive A.M. Best rating is produced at the request of the insurer. The rating process includes detailed interviews of senior management and access to non-public data and other information. Information on issues which there would typically be only limited information in the public domain play a significant part in the interactive rating analysis. A.M. Best interactively rates the majority of insurers in Canada.

For the remaining companies, A.M. Best is restricted to publicly available information as a basis for its rating opinion. The analysis behind “pd” ratings seeks to incorporate all relevant information available on the insurer in the public domain. As with A.M. Best’s interactive rating process, “pd” ratings incorporates a review of balance sheet strength, operating performance and business profile. Moreover, A.M. Best’s “pd” rating analysis reflects knowledge of the company’s peers, the market sector(s) in which the company operates and the strategic and financial outlook for those sectors. In addition, the “pd” rating is based on a detailed review by a committee of experienced A.M. Best insurance analysts. They present the most informed view A.M. Best can offer, short of an insurer participating in the full interactive rating process.

Previously, A.M. Best assigned Best’s Qualified Ratings to insurers in Canada that had not participated in an A.M. Best interactive rating process. Best’s Public Data Ratings will now replace Best’s Qualified Ratings.

A.M. Best Co. has affirmed, downgraded or upgraded the Public Data ratings for 42 Canadian property/casualty companies and has assigned initial Public Data ratings to two.

The following 29 property/casualty companies had their ratings affirmed:

Alberta Motor Association Insurance Company B++pd

Alpha, Compagnie d’Assurances Inc. (L’) B++pd

B.C.A.A. Insurance Corporation B+pd

Canadian Northern Shield Insurance Company B++pd

Canassurance General Insurance Company Inc. B++pd

Capitale Assurance Generales Inc. (La) A-pd

Glengarry Farmers’ Mutual Fire Insurance Company B++pd

Grain Insurance and Guarantee Company B+pd

Groupe Estrie-Richelieu Compagnie D’Assurance (Le) B++pd

Howick Mutual Insurance Company B+pd

HSBC Canadian Direct Insurance Incorporated B+pd

Le Mans Re B+pd

Legacy General Insurance Company B++pd

London and Midland General Insurance Co. B++pd

Maritime Insurance Company Limited B++pd

Mutual Fire Insurance Company of B.C. B++pd