Co-operators general ratings raised

Co-operators General Insurance Co.(CGIC) counterparty credit and financial strengths rating has been raised to a ‘BBB+’ from ‘BBB’, according to Standard & Poor’s (S&P).
The Guelph,ON-based Company’s rating outlook is stable seeing a rise in its Canadian national scale preferred stock rating from ‘P-3’ to ‘P-3(High)’ and a rise in its global scale preferred stock rating from ‘BB’ to ‘BB+.’
General improvement within the sector and internal changes initiated in 2001 by the Company’s new CEO and executive team as well as stronger customer relations and multi-product strategies, are behind CGIC’s improved operating performance, according to S&P’s analysis. “The company’s ties to the co-operative/credit union system,” S&P says, “are viewed as a competitive advantage; this, together with the company’s diversified mix of products, should help business franchise growth.”