OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has upgraded the Financial Strength Rating to B++ (Good) from B+ (Good) and the Long-Term Issuer Credit Rating to “bbb” (Good) from “bbb-” (Good) of Peace Hills General Insurance Company (Peace Hills) (Alberta, Canada). The outlook of these Credit Ratings (ratings) is stable.
The ratings reflect Peace Hills’ balance sheet strength, which AM Best assesses as adequate, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.
Peace Hills is a writer of personal and commercial automobile and property insurance predominantly in Alberta and British Columbia. The company is a subsidiary of the Samson Cree Nation, an organization with multiple non-insurance operations under its umbrella.
In prior years, the company had mixed experience in underwriting, as the company has been subject to large weather- and non-weather-related losses that dampened operating results and ultimately caused declines in surplus. Management took numerous initiatives to re-evaluate their risk profile, and reduced exposures in untenable areas while applying for rate increases on policies that were deemed inadequately priced. The upgrades come as a result of a significant and sustained positive trend in underwriting performance in 2019, 2020 and through the first two quarters of 2021 as a result of these corrective actions.
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