Economical Insurance receives A- rating from A.M. Best

A.M. Best has given Economical Insurance a financial strength rating of A- (Excellent) and issuer credit ratings of a-.

The agency said the outlook for both ratings—which also apply to Waterloo Insurance Company, Economical’s wholly owned subsidiary—is stable.

Related: Susan Monteith joins Economical’s board of directors

“We are pleased to achieve these A.M. Best ratings for the fifth consecutive year, which recognizes our overall financial strength,” Rowan Saunders, Economical’s president and CEO, said in a statement. “They come at a time when we are making significant strategic investments and operational improvements to strengthen our company’s long-term performance.”

In its assessment, A.M. Best acknowledged Economical’s risk-adjusted capitalization, favourable underwriting leverage and liquidity, and historically positive operating performance.

The rating agency also recognized that Economical broadened its distribution capabilities by introducing Sonnet, its digital direct arm, last year.

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This story was originally published by Canadian Insurance Top Broker.