GUELPH, ON, Dec. 21 /CNW/ - A.M. Best Co. today announced that it has
affirmed the financial strength ratings (FSR) and the issuer credit ratings
(ICR) for various companies belonging to The Co-operators Group Ltd.
Citing its "superior capitalization and strong, liquid balance sheet,"
the rating agency affirmed the FSR of A- (Excellent) and the ICR of "a-" of
Co-operators General Insurance Company (Co-operators General). It also
affirmed the FSR of B++ (Good) and the ICR of "bbb" of The Sovereign General
Insurance Company; and the FSRs of B+ (Good) and the ICRs of "bbb-" of both
L'Union Canadienne, Compagnie D'Assurances and COSECO Insurance Company. All
three are wholly-owned subsidiaries of Co-operators General.
Also affirmed were the FSR of A (Excellent) and ICR of "a" of
Co-operators Life Insurance Company, as well as the ICR of "bbb-" and the debt
rating of "bbb-" on CAD 150 million 5.07% senior unsecured debentures, due
July 2012 of Co-operators Financial Services Limited, which is the interim
holding company of Co-operators General and Co-operators Life.
The outlook for all ratings remains stable.
Based in Guelph, Ontario, The Co-operators is the leading Canadian-owned
multi-product insurance company. Operating companies within the group of
companies include Co-operators General Insurance Company; Co-operators Life
Insurance Company; The Sovereign General Insurance Company; L'Union
Canadienne, Compagnie D'Assurances; COSECO General Insurance Company; and TIC
Travel Insurance Coordinators Ltd. The Co-operators Group Ltd. is owned by a
group of Canadian co-operatives, credit unions and like-minded organizations,
and has assets of more than $7 billion.
For further information:
For further information: Bruce West, Senior Vice-President, Finance and
Chief Financial Officer, Telephone: (519) 767-3036, Fax: (519) 824-0599