S&P withdraws ratings of 15 Canadian insurers

Standard & Poor’s has withdrawn its public information rating on 15 Canadian insurance companies.
“We withdrew the ratings because we believe that we no longer have sufficient publicly available information on these companies,” S&P’s notes in a release.
A spokesperson for the ratings agency added that, due to vendor-provider issues, S&P’s could no longer obtain the detailed data required to rate the companies.
Such financial data is available in P&C1 documents, which are not available on the OSFI Web site.
Ratings with a ‘pi’ subscript are based on an analysis of an insurer’s published financial information and additional information in the public domain, the company noted in the release.
These ratings are based on less comprehensive information than ratings that do not carry the ‘pi’ subscript, the release says.
The insurers include:
•    Allstate Insurance Co. of Canada
•    AXA Assurances Inc
•    Wawanesa Mutual Insurance Co.
•    AXA Pacific Insurance Co.
•    Dominion of Canada General Insurance CO.
•    Economical Mutual Insurance Co.
•    GCAN Insurance Co.
•    Quebec Assurance Co.
•    Royal & Sun Alliance Insurance Co. of Canada
•    SGI Canada
•    Western Assurance CO.
•    AXA Insurance (Canada)
•    Federation Ins. Co. of Canada
•    Gore Mutual Insurance Co.
•    The Sovereign General Insurance Company