Northbridge affiliates rate positively with A.M. Best

The financial strength of the companies comprising Northbridge Financial Corp. (Toronto) recently received confirmation of A- ratings (Excellent) from A.M. Best Co. In addition the Company’s received assigned issuer credit ratings of “a-.”
A.M. Best’s ratings of Northbridge reflect the Company’s capitalization, favorable underwriting and operating performance and strong business franchise in Canada. However, the offsetting factor is the competitive conditions in the Canadian property/casualty marketplace. Northbridge is to expect competition in underwriting as market conditions continue to soften.
Included under Northbridge’s umbrella are the companies: Commonwealth Insurance Company (Vancouver) and its U.S. based subsidiary; Commonwealth Insurance Company of America (Seattle); Federated Insurance Company of Canada (Winnipeg); Lombard General Insurance Company of Canada; and, Markel Insurance Company of Canada (both of Toronto).
The Company’s financial strength ratings outlook is revised to positive from stable, while its ICRs have been assigned a positive outlook.
In addition, A.M. Best affirmed the FSRs of A- (Excellent) and assigned ICRs of “a-” to Lombard Insurance Company (Toronto) and Zenith Insurance Company (Toronto) representing a stable outlook.
Northbride has also received an ICR of “bbb-” with a positive outlook.