What’s New: In Brief (June 22, 2009)

A.M. Best Co. has affirmed the issuer credit rating (ICR) of “bbb” and the unsecured debt ratings of Fairfax Financial Holdings Limited of Toronto (TSE, NYSE: FFH).
“The ratings of Fairfax recognize the quality of its ongoing operations, which are well-managed, diversified and well-capitalized,” an A.M. Best release says.
“These ongoing operations also are historically profitable, and the underwriting losses in 2008 were more than overcome by realized gains on investments, which produced a record level of profits for Fairfax.”
Financial leverage at the holding company remains within A.M. Best’s tolerance levels for its current ratings, measuring 26.9% at Mar. 21, 2009 (based on US GAAP), the release adds.

RSA is continuing its investment as a full partner of the Insurance Brokers Association of Canada (IBAC)’s Broker Identity Program.
“RSA is proud to continue as a full partner of the Broker Identity Program,” Rowan Saunders, president and CEO of RSA. “We believe that brokers provide valuable advice and expertise to Canadians and will continue to support the long-term growth of the broker channel.”