AM Best Affirms Credit Ratings of Industrial Alliance Pacific General Insurance and Dealers Assurance Company

OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a+” (Excellent) of Industrial Alliance Pacific General Insurance Corporation (IAPG) (headquartered in Vancouver, Canada). Additionally, AM Best has affirmed the FSR of A (Excellent) and the Long-Term ICR of “a” (Excellent) of Dealers Assurance Company (DAC) (Columbus, OH). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect IAPG’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 (ERM).

IAPG’s ratings further reflect its strongest level of risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), driven by solid underwriting results despite some impacts from macro-economic headwinds, including declining used car prices, inflation and several adverse weather events in Canada. However, stable investment income has consistently bolstered the company’s overall profitability.

The ratings reflect DAC’s balance sheet strength, which AM Best assesses as strong, as well as its strong operating performance, neutral business profile and appropriate ERM. DAC’s ratings demonstrate historically strong earnings driven by consistent underwriting gains and minimal volatility. DAC’s strong combined and operating ratios consistently outperform the broader warranty composite. The ratings of IAPG and DAC reflect ratings lifts from their ultimate parent, iA Financial Group, which recognizes their strategic advantages as members of a well-capitalized and diversified life and property casualty insurance group.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

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