Ratings agency AM Best has upgraded the Financial Strength Rating to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Ratings to “a” (Excellent) from “a-” (Excellent) of Co-operators General Insurance Co. and its subsidiary, Sovereign General Insurance Co.
Both insurers are domiciled in Ontario, Canada. Co-Operative sells property/casualty and life insurance, and has investment management, institutional asset management and brokerage operations. Its subsidiary, Sovereign GeneraIt , focuses on commercial lines insurance. Co-Operative is governed by member organizations, including co-operative organizations, credit union centrals and representative farm organizations.
AM Best said the upgraded ratings of CGIC and Sovereign General reflect CGIC’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.
The analysts said the rating upgrades reflect the “strategic importance” of CGIC to The Co-operators Group Limited enterprise, as the business produced by CGIC is strategic to the parent’s overall business plan and operations while providing the potential for greater growth opportunities throughout Canada. Through CGIC and CLIC, CGL is the fourth-largest property/casualty writer and 11th-largest life company in Canada, based on direct premiums written.
AM Best has also affirmed the FSR of A (Excellent) and the Long-Term ICR of “a” (Excellent) of Co-operators Life Insurance Company (CLIC) (Saskatchewan, Canada). The outlook of these Credit Ratings (ratings) is stable. The company offers a wide variety of products to individual, group and credit union markets throughout Canada.
The ratings of Co-operators Life reflect its balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate ERM., AM Best said.
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