DAILY NEWS Nov 14, 2012 12:53 PM - 0 comments

Jevco ratings upgraded after Intact acquisition

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2012-11-14

A.M. Best Co. announced Wednesday it has upgraded its financial strength rating for Jevco Insurance Co. (Quebec), acquired in September by Intact Financial Corp.

The rating firm stated in a press release that it has "removed from under review with positive implications" Jevco (Quebec) and upgraded both its financial strength and issuer credit ratings.

The A.M. Best financial strength rating was upgraded from B++ to A and the issuer credit rating was upgraded from BBB+ to A.

"The rating upgrades for JEVCO reflect the implicit and explicit support it receives from IFC, the largest property/casualty provider in the Canadian marketplace," A.M. Best stated. "The positive outlook reflects the expectation and intention of IFC to include JEVCO in its participation agreement, an internal reinsurance treaty arrangement."

In September, Intact announced the completion of the $530-million acquisition of Jevco, which provides specialty insurance products including non-standard auto (for vehicles including motorcycles, snowmobiles and all-terrain vehicles) commercial and surety.

A.M. Best also announced it has withdrawn the issuer credit rating (bb+) of Toronto's Westaim Corp. On Sept. 5, Westaim announced it had completed the sale of all of the outstanding shares of, Jevco, its only operating insurance company, to Intact. 

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