AM Best Affirms Credit Ratings of Intact Financial Corporation and Subsidiaries
2021年4月23日 - 4:28AM
ビジネスワイヤ(英語)
AM Best has affirmed the Financial Strength Rating (FSR)
of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term
ICRs) of “aa-” of Intact Insurance Company and the subsidiaries of
Intact Financial Corporation (IFC). In addition, AM Best has
affirmed the Long-Term ICR of “a-” and the Long-Term Issue Credit
Ratings (Long-Term IRs) of the parent holding company, IFC [TSX:
IFC]. In addition, AM Best has affirmed the Long-Term ICR of “a-”
and the Long-Term IR of Intact U.S. Holdings, Inc. (Delaware). The
outlook of these Credit Ratings (ratings) is stable. (Please see
link below for a detailed list of the companies and Long-Term IRs.)
All companies are domiciled in Ontario, Canada, unless otherwise
specified.
The ratings reflect IFC’s consolidated balance sheet strength,
which AM Best assesses as very strong, as well as its strong
operating performance, favorable business profile and appropriate
enterprise risk management (ERM).
IFC maintains very strong risk-adjusted capitalization, as
measured by Best’s Capital Adequacy Ratio (BCAR), that supports its
very strong balance sheet assessment and reflects the significant
surplus accumulation over the longer term, driven by profitable
pre-tax earnings reflective of increasingly profitable underwriting
results over the recent five-year period, augmented by increased
levels of investment income and realized gains. While strong
pre-tax operating earnings over the most-recent five-year period
have been driven primarily by investment income, IFC during 2020,
reported the largest pre-tax operating income of the recent
five-year period of $1.92 billion, due to an increase in
underwriting income to $1.23 billion. The favorable business
profile reflects IFC’s excellent geographic, product and channel
diversification operating in Canada and the United States. IFC is
Canada’s largest insurer, specializing in auto, homeowners and
commercial insurance, operating with strong brand name recognition
and multichannel distribution capabilities across Canada. AM Best
considers IFC’s fully integrated ERM program appropriate for its
risk profile and considers the scale, scope and complexity of the
organization.
A complete listing of the members of Intact Financial
Corporation’s FSRs, Long-Term ICRs and Long-Term IRs also is
available.
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 media use of Best’s
Credit Ratings and AM Best press releases, please view Guide for
Media - Proper Use of Best’s Credit Ratings and AM Best Rating
Action Press Releases.
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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version on businesswire.com: https://www.businesswire.com/news/home/20210422006051/en/
Gordon McLean Senior Financial Analyst +1 908
439 2200, ext. 5304 gordon.mclean@ambest.com Christopher
Sharkey Manager, Public Relations +1 908 439 2200,
ext. 5159 christopher.sharkey@ambest.com Raymond Thomson,
CPCU, ARe, ARM Associate Director +1 908 439 2200,
ext. 5621 raymond.thomson@ambest.com Jim Peavy
Director, Communications +1 908 439 2200, ext. 5644
james.peavy@ambest.com
Intact Financial (TSX:IFC)
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