AM Best Revises Outlooks to Positive for Peace Hills General Insurance Company
AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of "bbb+" (Good) of Peace Hills General Insurance Company (Peace Hills) (Alberta, Canada).
The Credit Ratings (ratings) reflect Peace Hills' balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.
The positive outlooks reflect Peace Hills' improved risk-adjusted capitalization and overall balance sheet strength assessment over the most recent five-year period. The company's prudent risk management strategies, including corrective actions to refine risk selection and achieve rate where needed has contributed to significant growth in operating earnings and capital in four of the last five years. The outlook further recognizes solid liquidity, improving underwriting leverage, and historically favorable reserve development.
The positive outlooks consider AM Best's expectation that Peace Hills will continue to demonstrate a trend of improving balance sheet metrics, supported by the strongest level of risk-adjusted capitalization, as measured by Best's Capital Adequacy Ratio (BCAR), and underwriting results that compare favorably to peers.
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.
Copyright © 2023 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
News published on and distributed by:
