This Day On The Street
Continue to site right-arrow
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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

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

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,030.21 +6.04 0.03%
S&P 500 2,081.88 -0.29 -0.01%
NASDAQ 4,773.4720 +8.0480 0.17%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs