AM Best Affirms Ratings of The Wawanesa Mutual Insurance Company and Its ...
01.01.70
OLDWICK, N.J., Nov 16, 2011 (BUSINESS WIRE) --
A.M. Best Co. has affirmed the financial strength rating (FSR) of
A+ (Superior) and issuer credit rating (ICR) of "aa-" of The Wawanesa
Mutual Insurance Company (Wawanesa) (Winnipeg, MB). In addition,
A.M. Best has affirmed the FSR of A (Excellent) and ICRs of "a" of
Wawanesa's wholly owned property/casualty subsidiary, Wawanesa
General Insurance Company (WGIC) (San Diego, CA) and its wholly
owned life/health subsidiary, Wawanesa Life Insurance Company
(Wawanesa Life) (Winnipeg, MB). The outlook for all ratings is stable.
Concurrently, A.M. Best has withdrawn the FSR of A+ (Superior) and ICR
of "aa-" of The Wawanesa Mutual Insurance Company US Branch
(San Diego, CA) as this branch has been dissolved.
The ratings and outlook of Wawanesa are reflective of its superior
risk-adjusted capital, balance sheet strength, good geographic
diversification and market leadership position. Wawanesa maintains a
very large equity base, which continues to produce superior
risk-adjusted capital results and balance sheet strengths. The company
ranks in the top 10 within most major markets and is Canada's largest
mutual in terms of equity and premiums written. Wawanesa's ranking among
market leaders has been achieved through steady, modest growth
attributed to its successful long-term relationships with brokers, which
has helped the company maintain a strong regional presence.
Source: MarketWatch (press release)