A.M. Best Takes Various Rating Actions on 55 Canadian P/C Insurers

Business Wire, June 24, 2004

OLDWICK, N.J. -- A.M. Best Co. has affirmed the financial strength ratings of 38 Canadian insurers, downgraded the ratings of four, upgraded the ratings of nine and assigned initial ratings to four Canadian property/casualty insurers. These ratings are based solely upon public information and present the most informed view A.M. Best can offer, short of an insurer participating in the full interactive rating process.

A.M. Best's public data (pd) ratings are assigned to Canadian, U.K. and other European insurers, as well as Health Maintenance Organizations (HMOs) and health insurers that do not subscribe to A.M. Best's interactive rating process. A.M. Best uses the same rating scale and definitions as it does for its long-term financial strength interactive ratings but applies a pd rating modifier to ensure the user is aware of the more limited information basis for the rating.

An interactive A.M. Best rating is produced at the request of the insurer. The rating process includes detailed interviews of senior management and access to non-public data and other information. Information on issues that is typically limited in the public domain plays a significant part in the interactive rating analysis. A.M. Best interactively rates a majority of insurers in Canada.

A.M. Best has affirmed the ratings of the following Canadian property/casualty companies:

Company                                                         Rating

Alberta Motor Association Insurance Company                       B  
Allstate Insurance Company of Canada                              B 
La Capitale, Compagnie d'Assurance Generale                       A-
Eagle Star Insurance Company Limited CAB                          B 
Farmers' Mutual Insurance Company (Lindsay)                       B 
Glengarry Farmers' Mutual Fire Insurance Company                  B  
HSBC Canadian Direct Insurance Inc                                B 
Industrial-Alliance General Insurance Company                     B-
Pacific Coast Fishermens Mutual Marine Insurance Company          B  
Pictou County Farmers Mutual Fire Insurance Company               B 
Pool Insurance Company                                            B 
Security National Insurance Company                               B  
The Portage La Prairie Mutual Insurance Company                   B 
TD General Insurance Company                                      B 
Prince Edward Island Mutual Insurance Company                     B  
Red River Valley Mutual Insurance Company                         B  
Saskatchewan Mutual Insurance Company                             B  
Western Surety Company                                            B  
Le Mans Re CAB                                                    B 
Gore Mutual Insurance Company                                     B 
Promutuel Reassurance                                             B 
CAA Insurance Company (Ontario)                                   B
BCAA Insurance Corporation                                        B-
Saskatchewan Motor Club Insurance Company Limited                 B 
Personal General Insurance Inc                                    B  
Personal Insurance Company                                        B
Southeastern Mutual Insurance Company                             B 
Dominion of Canada General Insurance Company                      A-
Desjardins Assurances Generales Inc                               B  
Orleans General Insurance Company                                 B 
Mutual Fire Insurance Company of B.C.                             B  
Economical Mutual Insurance Company                               B 
Federation Insurance Company of Canada                            B 
Langdon Insurance Company                                         B 
Missisquoi Insurance Company                                      B  
Perth Insurance Company                                           B 
RBC General Insurance Company                                     B 
Waterloo Insurance Company                                        B 


    A.M. Best has downgraded the ratings of the following Canadian
property/casualty companies:

Company                                                         Rating

Antigonish Farmers Mutual Fire Insurance                          B 
Canassurance General Ins. Co. Inc.                                B 
Primmum Insurance Company                                         B 
RBC Travel Insurance Company                                      B 


    A.M. Best has upgraded the ratings of the following Canadian
property/casualty companies:

Company                                                         Rating

Grain Insurance and Guarantee Company                             B  
Legacy General Insurance Company                                  A-
London and Midland General Insurance Company                      A-
North Waterloo Farmers Mutual Insurance Company                   B  
CUMIS General Insurance Company                                   B
Canadian Northern Shield Insurance Company                        B
Algoma Mutual Insurance Company                                   B
Clare Mutual Insurance Company                                    B
Pembridge Insurance Company                                       B

    A.M. Best has assigned initial ratings to the following Canadian
property/casualty companies:

Company                                                         Rating

Aviva Insurance Company of Canada                                 A-
Elite Insurance Company                                           B  
Traders General Insurance Company                                 B 
Certas Direct Insurance Company                                   B