Canadian Underwriter

Ratings on eight Canadian companies downgraded: A.M. Best

June 17, 2003   by Canadian Underwriter

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In releasing public data ratings on 44 Canadian p&c companies, eight faced downgrades, while only two saw their ratings go up, states New Jersey-based A.M. Best.
Public data ratings are based on more limited information than interactive ratings, but does take into account publicly available data on operating performance and balance-sheet strength. It also uses comparisons with peer companies and analysis of markets in which the company operates.
Facing ratings downgrades are:
Algoma Mutual Insurance Company (B-)
CAA Insurance Company, Ontario (B)
CUMIS General Insurance Company (C++)
Canadian Northern Shield Insurance Company (C++)
Peace Hills General Insurance Company (C++)
BCAA Insurance Corporation (B-)
Maritime Insurance Company Limited, Canadian Branch (B)
West Wawanosh Mutual Insurance Company (B)
The two upgraded companies are Security National Insurance Company (B++) and Antigonish Farmers Mutual Fire Insurance (B++). As well, initial ratings were assigned to Clare Mutual Insurance Company (B-) and Saskatchewan Motor Club Insurance Company Limited (B+).
The full listing, including companies whose ratings were affirmed, is at

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