A.M. Best to Close Toronto Office, Consolidate Canadian Operations in U.S.

January 13, 2003

A.M. Best Co. announced that it will consolidate all Canadian operations previously conducted by its Toronto office into its corporate headquarters in Oldwick, New Jersey in what it termed an effort to “streamline its Canadian rating and data reporting operations, which included many overlapping and redundant activities.”

The rating agency’s announcement indicated that the Toronto office, which was obtained through the acquisition of TRAC Insurance Services in June 1999, would be effectively closed as of June 30, 2003.

“While Canadian rating activities have largely been conducted out of Oldwick, in recent years data collection and product activities had been handled in Toronto,” said the bulletin. “After the closing, all of these operations will be handled by staff in Oldwick.”

A.M. Best said it “remains committed to the Canadian insurance market, where it currently has ratings on virtually all Canadian life and property/casualty insurance companies and Canadian branches of foreign companies.” It indicated that these companies will “continue to be followed by the same Oldwick-based analytical team as before.”

“In addition, Best’s analytical team will continue to provide detailed financial reports on all rated companies and will publish detailed research reports on various industry topics. These ratings and special research reports will remain available through the company’s Canadian web site, www.ambest.ca, the bulletin concluded.

Topics USA AM Best Canada

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