A.M. Best Affirms Rating of GCAN Insurance Company.Business Editors OLDWICK, N.J.--(BUSINESS WIRE)--May 7, 2004 A.M. Best Co. has affirmed af·firm v. af·firmed, af·firm·ing, af·firms v.tr. 1. To declare positively or firmly; maintain to be true. 2. To support or uphold the validity of; confirm. v.intr. the financial strength rating of A (Excellent) for GCAN Insurance Company (Toronto, Canada). The rating outlook is stable. The rating reflects GCAN's excellent capitalization capitalization n. 1) the act of counting anticipated earnings and expenses as capital assets (property, equipment, fixtures) for accounting purposes. 2) the amount of anticipated net earnings which hypothetically can be used for conversion into capital assets. , superior underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. and operating performance and its strong business profile in the Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. commercial and industrial insurance segments. GCAN has a proven record of strong underwriting results, which has consistently outperformed industry peers. GCAN's success lies with its experienced management team and its commitment to sound underwriting practices. Partially offsetting these positive rating factors are the competitive market conditions in the Canadian property/casualty market and the company's dependence on reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. . However, GCAN has demonstrated an ability to successfully adapt to changes in the marketplace and maintains a comprehensive reinsurance program with quality players. As a result, the rating outlook is stable. A.M. Best Co., established in 1899, is the world's oldest and most authoritative insurance rating and information source. For more information, visit A.M. Best's Web site at www.ambest.com. |
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