A.M. Best Co. announced that it has affirmed the financial strength rating of “A” (Excellent) for GCAN Insurance Company (Toronto, Canada) with a stable outlook.
“The rating reflects GCAN’s excellent capitalization, superior underwriting and operating performance and its strong business profile in the Canadian commercial and industrial insurance segments,” said Best. “GCAN has a proven record of strong underwriting results, which has consistently outperformed industry peers. GCAN’s success lies with its experienced management team and its commitment to sound underwriting practices.”
Best’s report noted that “partially offsetting these positive rating factors are the competitive market conditions in the Canadian property/casualty market and the company’s dependence on reinsurance.” It said, however, that “GCAN has demonstrated an ability to successfully adapt to changes in the marketplace and maintains a comprehensive reinsurance program with quality players. As a result, the rating outlook is stable.”