A.M. Best upgrades Optimum General Insurance Group

A.M. Best has upgraded the financial strength ratings of Optimum General Insurance Group from B+ (Good) to B++ (Good).
The group’s issuer credit rating was also upgraded from “bbb-” to “bbb.”
The Optimum General Insurance Group includes Optimum Insurance Company Inc., Optimum Farm Insurance Inc. and Optimum West Insurance Company.
All companies are domiciled in Quebec, except for Optimum West, which is domiciled in British Columbia.
“The rating upgrades reflect the group’s continued consistent operating results and its favourable reserve development on both an accident and calendar year basis,” an A.M. Best release says.
“Partially offsetting these positive rating factors are the competitive pricing pressure on OGIG, particularly in commercial lines, and rate adequacy within the Canadian market.”