A.M. Best Canadian ops fly south

Rating agency A.M. Best says it will close its Toronto office and move all Canadian operations to its head office in Oldwick, New Jersey. The official closing date is June 30.
The Toronto office has handled data collection and product activities, while ratings for Canadian p&c and life companies, including branch operations, have been handled in New Jersey. Toronto, A.M. Best’s only Canadian office, has been in operation since 1999 when the agency acquired TRAC Insurance Services.
“A.M. Best remains committed to the Canadian insurance market, where it currently has ratings on virtually all Canadian life and property/casualty insurance companies and Canadian branches of foreign companies,” states a company release. “Companies rated by A.M. Best will continue to be followed by the same Oldwick-based analytical team as before.”
The company will continue to maintain its Canadian web site.
No comment was made on the fate of A.M. Best’s Canadian employees.