A.M. Best assigns FSR of A to Aviva Canada
A.M. Best has assigned a financial strength rating of A (Excellent) and issuer credit ratings of “a+” to Aviva Insurance Company of Canada and its affiliates, Elite Insurance Company, Traders General Insurance Company, Pilot Insurance Company, Scottish & York Insurance Company, Limited and S&Y Insurance Company. The outlook assigned to all ratings is positive.
A.M. Best said the ratings and outlook acknowledge that the companies are members of Aviva International Insurance Limited due to their overall importance to the Aviva organization within the Canadian market. These Canadian companies are managed as one entity through common management, and have solid brand name recognition marketing under the Aviva name, providing home, automobile and business insurance across all provinces. The ratings also are reflective of the companies’ strong consolidated risk-adjusted capitalization, historically profitable operating performance and strong business profile.
The ratings are partially offset by soft commercial lines pricing in Canada, strong competition for market share and exposure to the challenging auto markets in certain parts of Ontario. The ratings are further enhanced by being members of Aviva International Insurance Limited, with its implicit and explicit support, and the anticipation that financial and operational support will prospectively be provided to the Canadian operations as needed by Aviva International Insurance Limited, AVIVA plc and its affiliate group members.
