AM Best has revised the outlooks to stable from positive and affirmed the Financial Strength Ratings of A- (Excellent) and the Long-Term Issuer Credit Ratings of “a-” (Excellent) of The Mutual Fire Insurance Company of British Columbia (MFI) and its subsidiary, Four Points Insurance Company Ltd. (Four Points). Both companies are domiciled in Langley, BC.
These Credit Ratings (ratings) reflect MFI’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.
The ratings reflect MFI’s risk-adjusted capitalization at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR), its sustained organic capital growth, and conservative reserving practices that have resulted in long-term favorable reserve development. MFI has also rebalanced its investment portfolio, reducing its exposure to equities to levels that align more closely with peers.
The revision of the outlooks to stable from positive reflects underwriting losses at Four Points over the past two years. Four Points launched in 2022, focusing on small-to-medium enterprise and mid-market commercial risks. On a standalone basis, MFI continues to demonstrate favorable underwriting profitability and overall operating performance. However, as Four Points grows and scales, its underwriting losses have narrowed the consolidated group’s outperformance relative to peers. Operating performance is expected to remain adequate as business grows at both MFI and Four Points.
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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