Upgrades outpace downgrades for Canadian insurers

A synopsis of recent rating actions by A.M. Best shows Canadian p&c insurers bucking the trend to produce more upgrades than downgrades. Nine insurers saw their ratings rise, while four were downgraded. The rater also added four new ratings to its stable, with all of the ratings based on public data.
Among the companies meeting with the rating agency’s favor are: Grain Insurance and Guarantee (B++); Legacy General (A-); London & Midland General (A-); North Waterloo Farmers Mutual (B++); CUMIS General (B); Canadian Northern Shield (B); Algoma Mutual (B); Clare Mutual (B); and Pembridge (B).
Among those who saw their ratings drop are: Antigonish Farmers Mutual (B+); Canassurance General (B+); Primmum (B+); and RBC Travel (B+).
Initial ratings were assigned to: Aviva (A-); Elite (B++); Traders General (B+); and Certas Direct (B).
The ratings release also included affirmations for a further 38 companies with the full list available at www.ambest.com.