BusinessWire Apr. 25, 2013 | Last Updated: Apr. 25, 2013 9:01 AM ET
A.M. Best Co. has affirmed the financial strength rating (FSR) of A+ (Superior) and issuer credit ratings (ICR) of "aa-" of the members of Intact Insurance Group (Intact Group), which include Belair Insurance Company Inc. (Quebec), Intact Insurance Company, Novex Insurance Company, The Nordic Insurance Company of Canada, Trafalgar Insurance Company of Canada, AXA Insurance Inc. (Quebec), AXA Insurance(Canada) and AXA Pacific Insurance Company (all three known as AXA Canada). All companies are domiciled in Ontario, unless otherwise specified.
The ratings reflect Intact Group's superior risk-adjusted capitalization, leading market position within the Canadian property/casualty insurance industry, improved financial leverage position of IFC since closing on the purchase of Jevco and the continued success with the integration of both the Jevco and AXA Canada businesses.
The rating upgrades for Jevco reflect its full integration into the Intact Group's operations and strategic plans through the participation agreement, Intact Group's internal reinsurance treaty.
The methodology used in determining these ratings is Best's Credit Rating Methodology, which provides a comprehensive explanation of A.M. Best's rating process and contains the different rating criteria employed in the rating process. Best's Credit Rating Methodology can be found at www.ambest.com/ratings/methodology.
A.M. Best Company is the world's oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.
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Source: The National Post