Credit Rating Report

Intact Financial Corporation and Affiliates: Rating Report

Insurance Organizations

Summary

On October 14, 2022, DBRS Limited (DBRS Morningstar) changed the trend to Positive from Stable, and confirmed all ratings of Intact Financial Corporation and its operating insurance subsidiaries, including the Financial Strength Rating (FSR) of its main operating insurance subsidiaries at AA (low) and Intact’s “A” Issuer Rating. The trend on the ratings of RSA Insurance Group Limited, Intact’s UK-based subsidiary, was also changed to Positive.

Available Documents

Ratings

Atlantic Specialty Insurance Company

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
14-Oct-22	Financial Strength Rating	AA (low)	Pos	Trend Change, Confirmed	CA U E

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
14-Oct-22	Financial Strength Rating	AA (low)	Pos	Trend Change, Confirmed	CA U E

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
14-Oct-22	Financial Strength Rating	AA (low)	Pos	Trend Change, Confirmed	CA U E

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
14-Oct-22	Financial Strength Rating	AA (low)	Pos	Trend Change, Confirmed	CA U E

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
14-Oct-22	Financial Strength Rating	AA (low)	Pos	Trend Change, Confirmed	CA U E

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
14-Oct-22	Issuer Rating	A	Pos	Trend Change, Confirmed	CA U E
14-Oct-22	Senior Unsecured Debt	A	Pos	Trend Change, Confirmed	CA U E
14-Oct-22	Short Term Promissory Notes	R-1 (low)	Pos	Trend Change, Confirmed	CA U E
14-Oct-22	Fixed-to-Fixed Rate Subordinated Notes	BBB (high)	Pos	Trend Change, Confirmed	CA U E
14-Oct-22	Non-Cumulative Preferred Shares	Pfd-2	Pos	Trend Change, Confirmed	CA U E

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
14-Oct-22	Issuer Rating	AA (low)	Pos	Trend Change, Confirmed	CA U E
14-Oct-22	Financial Strength Rating	AA (low)	Pos	Trend Change, Confirmed	CA U E

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
14-Oct-22	Issuer Rating	A	Pos	Trend Change, Confirmed	CA U E
14-Oct-22	Senior Unsecured Debt	A	Pos	Trend Change, Confirmed	CA U E

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
14-Oct-22	Financial Strength Rating	AA (low)	Pos	Trend Change, Confirmed	CA U E

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
14-Oct-22	Financial Strength Rating	AA (low)	Pos	Trend Change, Confirmed	CA U E

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
14-Oct-22	Financial Strength Rating	AA (low)	Pos	Trend Change, Confirmed	CA U E

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
14-Oct-22	Financial Strength Rating	AA (low)	Pos	Trend Change, Confirmed	CA U E

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
14-Oct-22	Financial Strength Rating	AA (low)	Pos	Trend Change, Confirmed	CA U E

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
14-Oct-22	Financial Strength Rating	AA (low)	Pos	Trend Change, Confirmed	CA U E

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
14-Oct-22	Financial Strength Rating	AA (low)	Pos	Trend Change, Confirmed	CA U E

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
14-Oct-22	Financial Strength Rating	AA (low)	Pos	Trend Change, Confirmed	CA U E

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
14-Oct-22	Financial Strength Rating	AA (low)	Pos	Trend Change, Confirmed	CA U E

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
14-Oct-22	Financial Strength Rating	AA (low)	Pos	Trend Change, Confirmed	CA U E

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
14-Oct-22	Financial Strength Rating	AA (low)	Pos	Trend Change, Confirmed	CA U E

Atlantic Specialty Insurance Company

Financial Strength Rating

Date Issued:Oct 14, 2022
Rating Action:Trend Change, Confirmed
Ratings:AA (low)
Trend:Pos
Rating Recovery:
Issued:CAUE

Belair Insurance Company Inc.

Financial Strength Rating

Date Issued:Oct 14, 2022
Rating Action:Trend Change, Confirmed
Ratings:AA (low)
Trend:Pos
Rating Recovery:
Issued:CAUE

Canadian Northern Shield Insurance Company

Financial Strength Rating

Date Issued:Oct 14, 2022
Rating Action:Trend Change, Confirmed
Ratings:AA (low)
Trend:Pos
Rating Recovery:
Issued:CAUE

Homeland Insurance Company of Delaware

Financial Strength Rating

Date Issued:Oct 14, 2022
Rating Action:Trend Change, Confirmed
Ratings:AA (low)
Trend:Pos
Rating Recovery:
Issued:CAUE

Homeland Insurance Company of New York

Financial Strength Rating

Date Issued:Oct 14, 2022
Rating Action:Trend Change, Confirmed
Ratings:AA (low)
Trend:Pos
Rating Recovery:
Issued:CAUE

Intact Financial Corporation

Issuer Rating

Date Issued:Oct 14, 2022
Rating Action:Trend Change, Confirmed
Ratings:A
Trend:Pos
Rating Recovery:
Issued:CAUE

Senior Unsecured Debt

Date Issued:Oct 14, 2022
Rating Action:Trend Change, Confirmed
Ratings:A
Trend:Pos
Rating Recovery:
Issued:CAUE

Short Term Promissory Notes

Date Issued:Oct 14, 2022
Rating Action:Trend Change, Confirmed
Ratings:R-1 (low)
Trend:Pos
Rating Recovery:
Issued:CAUE

Fixed-to-Fixed Rate Subordinated Notes

Date Issued:Oct 14, 2022
Rating Action:Trend Change, Confirmed
Ratings:BBB (high)
Trend:Pos
Rating Recovery:
Issued:CAUE

Non-Cumulative Preferred Shares

Date Issued:Oct 14, 2022
Rating Action:Trend Change, Confirmed
Ratings:Pfd-2
Trend:Pos
Rating Recovery:
Issued:CAUE

Intact Insurance Company

Issuer Rating

Date Issued:Oct 14, 2022
Rating Action:Trend Change, Confirmed
Ratings:AA (low)
Trend:Pos
Rating Recovery:
Issued:CAUE

Financial Strength Rating

Date Issued:Oct 14, 2022
Rating Action:Trend Change, Confirmed
Ratings:AA (low)
Trend:Pos
Rating Recovery:
Issued:CAUE

Intact U.S. Holdings Inc.

Issuer Rating

Date Issued:Oct 14, 2022
Rating Action:Trend Change, Confirmed
Ratings:A
Trend:Pos
Rating Recovery:
Issued:CAUE

Senior Unsecured Debt

Date Issued:Oct 14, 2022
Rating Action:Trend Change, Confirmed
Ratings:A
Trend:Pos
Rating Recovery:
Issued:CAUE

Jevco Insurance Company

Financial Strength Rating

Date Issued:Oct 14, 2022
Rating Action:Trend Change, Confirmed
Ratings:AA (low)
Trend:Pos
Rating Recovery:
Issued:CAUE

Nordic Insurance Company, The

Financial Strength Rating

Date Issued:Oct 14, 2022
Rating Action:Trend Change, Confirmed
Ratings:AA (low)
Trend:Pos
Rating Recovery:
Issued:CAUE

Novex Insurance Company

Financial Strength Rating

Date Issued:Oct 14, 2022
Rating Action:Trend Change, Confirmed
Ratings:AA (low)
Trend:Pos
Rating Recovery:
Issued:CAUE

OBI America Insurance Company

Financial Strength Rating

Date Issued:Oct 14, 2022
Rating Action:Trend Change, Confirmed
Ratings:AA (low)
Trend:Pos
Rating Recovery:
Issued:CAUE

OBI National Insurance Company

Financial Strength Rating

Date Issued:Oct 14, 2022
Rating Action:Trend Change, Confirmed
Ratings:AA (low)
Trend:Pos
Rating Recovery:
Issued:CAUE

Quebec Assurance Company

Financial Strength Rating

Date Issued:Oct 14, 2022
Rating Action:Trend Change, Confirmed
Ratings:AA (low)
Trend:Pos
Rating Recovery:
Issued:CAUE

Royal & Sun Alliance Insurance Company of Canada

Financial Strength Rating

Date Issued:Oct 14, 2022
Rating Action:Trend Change, Confirmed
Ratings:AA (low)
Trend:Pos
Rating Recovery:
Issued:CAUE

The Guarantee Company of North America

Financial Strength Rating

Date Issued:Oct 14, 2022
Rating Action:Trend Change, Confirmed
Ratings:AA (low)
Trend:Pos
Rating Recovery:
Issued:CAUE

Trafalgar Insurance Company of Canada

Financial Strength Rating

Date Issued:Oct 14, 2022
Rating Action:Trend Change, Confirmed
Ratings:AA (low)
Trend:Pos
Rating Recovery:
Issued:CAUE

Unifund Assurance Company

Financial Strength Rating

Date Issued:Oct 14, 2022
Rating Action:Trend Change, Confirmed
Ratings:AA (low)
Trend:Pos
Rating Recovery:
Issued:CAUE

Western Assurance Company

Financial Strength Rating

Date Issued:Oct 14, 2022
Rating Action:Trend Change, Confirmed
Ratings:AA (low)
Trend:Pos
Rating Recovery:
Issued:CAUE

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Intact Financial Corporation and Affiliates: Rating Report

Summary

Available Documents