The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Press release from Business Wire

A.M. Best Affirms Rating of Seneca Insurance Company Inc. and Seneca Specialty Insurance Company

Friday, July 12, 2013

A.M. Best Affirms Rating of Seneca Insurance Company Inc. and Seneca Specialty Insurance Company

16:54 EDT Friday, July 12, 2013

OLDWICK, N.J. (Business Wire) -- A.M. Best Co. has affirmed the financial strength rating (FSR) of A (Excellent) and downgraded the issuer credit ratings (ICR) to “a” from “a+” of Seneca Insurance Company Inc. (Seneca) (New York, NY) and its subsidiary, Seneca Specialty Insurance Company (Seneca Specialty) (Arizona).The outlook for all ratings is stable. Both companies are subsidiaries of North River Insurance Company (Morristown, NJ), which is a subsidiary of Crum & Forster Holdings Corp. (Delaware) and ultimately owned by Fairfax Financial Holdings Limited (Fairfax) [TSX: FFH and FFH.U] (Toronto, Canada).

The rating actions for Seneca and Seneca Specialty follow the implementation of a reinsurance agreement with United States Fire Insurance Company (Morristown, NJ), which has an FSR of A (Excellent), an ICR of “a” and a financial size category of XIII.

Although A.M. Best believes Seneca and Seneca Specialty are well positioned at their current rating level, factors that could lead to negative rating actions include operating performance falling short of A.M. Best's expectation, which was driven by a decline in either underwriting or investment results and/or a decline in risk-adjusted capitalization.

The methodology used in determining these ratings is Best's Credit Rating Methodology, which provides a comprehensive explanation of A.M. Best's rating process and contains the different rating criteria employed in the rating process. Best's Credit Rating Methodology can be found at www.ambest.com/ratings/methodology.

A.M. Best Company is the world's oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.

Copyright © 2013 by A.M. Best Company, Inc. ALL RIGHTS RESERVED.

A.M. Best Company, Inc.
Darian Ryan, CPA, 908-439-2200, ext. 5449
Senior Financial Analyst
darian.ryan@ambest.com
or
Michael J. Lagomarsino, CFA, 908-439-2200, ext. 5801
Assistant Vice President
michael.lagomarsino@ambest.com
or
Rachelle Morrow, 908-439-2200, ext. 5378
Senior Manager, Public Relations
rachelle.morrow@ambest.com
or
Jim Peavy, 908-439-2200, ext. 5644
Assistant Vice President, Public Relations
james.peavy@ambest.com

Products
  • Globe Unlimited

    Digital all access pass across devices. subscribe

  • The Globe and Mail Newspaper

    Newspaper delivered to your doorstep. subscribe

  • Globe2Go

    The digital replica of our newspaper. subscribe

  • Globe eBooks

    A collection of articles by the Globe. subscribe

See all Globe Products

Advertise with us

GlobeLink.ca

Your number one partner for reaching Canada's Influential Achievers. learn more

The Globe at your Workplace
Our Company
Customer Service
Globe Recognition
Mobile Apps
NEWS APP
INVESTING APP
Other Sections