This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

A.M. Best Affirms Ratings Of Fairfax Financial Holdings Limited; Upgrades Issuer Credit Ratings Of Seneca Insurance Group

A.M. Best Co. has affirmed the issuer credit rating (ICR) of “bbb” and the unsecured debt and preferred equity ratings of Fairfax Financial Holdings Limited (Fairfax) (Toronto, Ontario) (TSX: FFH and FFH.U). Additionally, A.M. Best has affirmed the ICR of “bbb” and unsecured debt rating of Crum & Forster Holdings Corp. (Morristown, NJ), an indirect, wholly owned, downstream holding company of Fairfax.

A.M. Best also has upgraded the ICRs to “a+” from “a” and affirmed the financial strength rating (FSR) of A (Excellent) of Seneca Insurance Group (Seneca) (New York, NY) and its property/casualty members. In addition, A.M. Best has affirmed the FSR of A (Excellent) and ICRs of “a” of Crum & Forster Insurance Group (Crum & Forster) (Morristown, NJ) and its property/casualty members.

At the same time, A.M. Best has affirmed the FSR of B+ (Good) and ICRs of “bbb-” and the FSR of B++ (Good) and ICRs of “bbb” of TIG Insurance Group (TIG) and Fairmont Specialty Group (Fairmont) (both of Manchester, NH), and their property/casualty members, respectively, which are both in run-off. The outlook for all ratings is stable. (See link below for a detailed listing of the companies and ratings).

The ratings of Seneca reflect its consistently better-than-average underwriting and operating performance, which has been sustained over many years; strong level of risk-adjusted capitalization and management of loss reserves that has resulted in favorable development of prior years’ loss reserves.

Partially offsetting these positive factors are Seneca’s above-average level of expenses relative to premiums and a five-year average investment yield that lags that of its commercial casualty peer group, although Seneca’s yield improved in 2009.

The ratings of Crum & Forster recognize its underwriting performance (as reflected in its better-than-average loss and loss adjustment expense levels); its diversified product portfolio; favorable development of recent accident years’ loss reserves; reduced reliance on finite reinsurance; and risk-adjusted capital levels that are well-supportive of the ratings. Crum & Forster’s ratings also reflect the support of Fairfax.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG
AAPL $132.54 0.00%
FB $80.54 0.00%
GOOG $540.11 0.00%
TSLA $247.73 0.00%
YHOO $43.48 0.00%

Markets

DOW 18,232.02 -53.72 -0.29%
S&P 500 2,126.06 -4.76 -0.22%
NASDAQ 5,089.3620 -1.4320 -0.03%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs