Best Withdraws Insurance Corp. of Newfoundland Rating Due to Merger

A.M. Best Co. has withdrawn the financial strength rating (FSR) of “B++” (Good) and assigned a category of “NR-5” (Not Formally Followed) to Canada’s Insurance Corporation of Newfoundland Limited (ICON).

“This rating action is a result of ICON’s amalgamation into its sister company, AXA General Insurance Company (AXA General) (Ontario, Canada), formerly Anglo Canada General Insurance Company,” said Best. “AXA General is a wholly owned subsidiary of AXA Assurances Inc. (Quebec), which is wholly owned by AXA Canada Inc. (Quebec). The amalgamation of ICON into AXA General became effective January 1, 2007.”