Does AM Best assign credit ratings to La Capitale General Insurance Inc., La Capitale Civil Service Insurer Inc.? Confirms credit ratings of certain subsidiaries of Beneva Inc

OLDWICK, NJ–(BUSINESS WIRE)–AM Best has assigned a Financial Strength Rating (FSR) of A (Excellent) and a Long-Term Issuer Credit Rating (Long-Term ICR) of ‘a’ (Excellent) to La Capitale General Insurance Inc. (La Capitale General Insurance). Additionally, AM Best has assigned FSR A (Excellent) and Long-Term ICR ‘a’ (Excellent) to La Capitale Civil Service Insurer Inc. (La Capitale Civil Service Insurer). The outlooks assigned to these credit ratings (ratings) are stable. Additionally, AM Best has affirmed SSQ Life Insurance Company, Inc.’s FSR of A (Excellent) and Long-Term ICR of ‘a’ (Excellent). (SSQ Life), L’Unique General Insurance Inc. (L’Unique) and Unica Insurance Inc. (Unica). The outlook on these ratings is stable.

La Capitale Civil Service Insurer’s ratings reflect its balance sheet strength, which AM Best rates as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management (ERM). La Capitale Civil Service Insurer operates as a general agent in individual insurance, group insurance, savings, personal lines and commercial product lines.

La Capitale General Insurance’s ratings reflect the strength of its balance sheet, which AM Best rates as very strong, as well as its adequate operating performance, neutral business profile and appropriate IRA. La Capitale General Insurance operates as a general agent in its personal and commercial product lines.

Businesses are written through direct distribution channels in Quebec.

SSQ Life’s ratings reflect its balance sheet strength, which AM Best rates as very strong, as well as its strong operating performance, neutral business profile and appropriate ERM. AM Best expects SSQ Life’s consistently favorable operating performance to continue to drive capital growth following the brand’s expected integration into Beneva Inc., which will begin in 2023.

L’Unique’s ratings reflect the strength of its balance sheet, which AM Best rates as very strong, as well as its adequate operating performance, neutral business profile and appropriate EBITDA. Founded in 1978, L’Unique writes auto, home, recreational and commercial vehicle insurance through a network of brokers, exclusively in Quebec.

Unica’s ratings reflect the strength of its balance sheet, which AM Best rates as very strong, as well as its adequate operating performance, limited business profile and appropriate EBITDA. Originally founded in 1955, Unica provides specialist commercial and VIP personal insurance solutions to protect the homes, vehicles and businesses of high net worth clients, while also providing umbrella liability. Unica writes exclusively within Ontario and distributes products through a network of select insurance brokers.

The ratings of La Capitale Civil Service Insurer, La Capitale General Insurance, Unica and L’Unique take into account the benefit each entity receives from operating as part of the larger Beneva organization to support the common business strategy. The ratings also reflect Beneva management’s commitment to further integrate each company into the overall organization with SSQ Life, resulting in a broader organization serving a diverse clientele.

This press release relates to credit ratings published on AM Best’s website. For all rating information related to the issue and related disclosures, including office details

responsible for issuing each of the individual ratings listed in this release, please see AM Best’s Recent rating activity web page. For additional information on the use and limitations of credit rating opinions, please see Guide to Best’s Credit Ratings. For information on the proper use of Best’s credit ratings, Best’s performance ratings, Best’s preliminary credit ratings and AM Best’s press releases, see Guide to the correct use of Best’s ratings and reviews.

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 operates in more than 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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