Credit Rating Report

Intact Financial Corporation and Affiliates: Rating Report

Insurance Organizations

Summary

On October 10, 2023, DBRS Limited (DBRS Morningstar) upgraded Intact's Issuer Rating to A (high) from “A” and the Financial Strength Rating (FSR) of its main operating insurance subsidiaries to AA from AA (low). The FSRs of Intact’s UK-based subsidiary RSA Insurance Group Limited and its operating entities were also upgraded to AA from AA (low). The Issuer Rating on RSA Insurance Group Limited was upgraded to A (high) from “A.” The trends on all ratings were changed to Stable from Positive.

Available Documents

Ratings

Atlantic Specialty Insurance Company

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
10-Oct-23	Financial Strength Rating	AA	Stb	Upgraded, Trend Change	CA U E

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
10-Oct-23	Financial Strength Rating	AA	Stb	Upgraded, Trend Change	CA U E

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
10-Oct-23	Financial Strength Rating	AA	Stb	Upgraded, Trend Change	CA U E

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
10-Oct-23	Financial Strength Rating	AA	Stb	Upgraded, Trend Change	CA U E

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
10-Oct-23	Financial Strength Rating	AA	Stb	Upgraded, Trend Change	CA U E

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
10-Oct-23	Issuer Rating	A (high)	Stb	Upgraded, Trend Change	CA U E
10-Oct-23	Senior Unsecured Debt	A (high)	Stb	Upgraded, Trend Change	CA U E
10-Oct-23	Short Term Promissory Notes	R-1 (middle)	Stb	Upgraded, Trend Change	CA U E
10-Oct-23	Fixed-to-Fixed Rate Subordinated Notes	A (low)	Stb	Upgraded, Trend Change	CA U E
10-Oct-23	Non-Cumulative Preferred Shares	Pfd-2 (high)	Stb	Upgraded, Trend Change	CA U E
10-Oct-23	Limited Recourse Capital Notes	A (low)	Stb	Upgraded, Trend Change	CA U E

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
10-Oct-23	Issuer Rating	AA	Stb	Upgraded, Trend Change	CA U E
10-Oct-23	Financial Strength Rating	AA	Stb	Upgraded, Trend Change	CA U E

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
10-Oct-23	Issuer Rating	A (high)	Stb	Upgraded, Trend Change	CA U E
10-Oct-23	Senior Unsecured Debt	A (high)	Stb	Upgraded, Trend Change	CA U E

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
10-Oct-23	Financial Strength Rating	AA	Stb	Upgraded, Trend Change	CA U E

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
10-Oct-23	Financial Strength Rating	AA	Stb	Upgraded, Trend Change	CA U E

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
10-Oct-23	Financial Strength Rating	AA	Stb	Upgraded, Trend Change	CA U E

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
10-Oct-23	Financial Strength Rating	AA	Stb	Upgraded, Trend Change	CA U E

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
10-Oct-23	Financial Strength Rating	AA	Stb	Upgraded, Trend Change	CA U E

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
10-Oct-23	Financial Strength Rating	AA	Stb	Upgraded, Trend Change	CA U E

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
10-Oct-23	Issuer Rating	A (high)	Stb	Upgraded, Trend Change	CA U E
10-Oct-23	Guaranteed Subordinated Notes	A (high)	Stb	Upgraded, Trend Change	CA U E
10-Oct-23	Cumulative Irredeemable Preference Shares	A (low)	Stb	Upgraded, Trend Change	CA U E

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
10-Oct-23	Financial Strength Rating	AA	Stb	Upgraded, Trend Change	CA U E

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
10-Oct-23	Financial Strength Rating	AA	Stb	Upgraded, Trend Change	CA U E

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
10-Oct-23	Financial Strength Rating	AA	Stb	Upgraded, Trend Change	CA U E

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
10-Oct-23	Financial Strength Rating	AA	Stb	Upgraded, Trend Change	CA U E

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
10-Oct-23	Financial Strength Rating	AA	Stb	Upgraded, Trend Change	CA U E

Show More Issuers

Atlantic Specialty Insurance Company

Financial Strength Rating

Date Issued:Oct 10, 2023
Rating Action:Upgraded, Trend Change
Ratings:AA
Trend:Stb
Rating Recovery:
Issued:CAUE

Belair Insurance Company Inc.

Financial Strength Rating

Date Issued:Oct 10, 2023
Rating Action:Upgraded, Trend Change
Ratings:AA
Trend:Stb
Rating Recovery:
Issued:CAUE

Canadian Northern Shield Insurance Company

Financial Strength Rating

Date Issued:Oct 10, 2023
Rating Action:Upgraded, Trend Change
Ratings:AA
Trend:Stb
Rating Recovery:
Issued:CAUE

Homeland Insurance Company of Delaware

Financial Strength Rating

Date Issued:Oct 10, 2023
Rating Action:Upgraded, Trend Change
Ratings:AA
Trend:Stb
Rating Recovery:
Issued:CAUE

Homeland Insurance Company of New York

Financial Strength Rating

Date Issued:Oct 10, 2023
Rating Action:Upgraded, Trend Change
Ratings:AA
Trend:Stb
Rating Recovery:
Issued:CAUE

Intact Financial Corporation

Issuer Rating

Date Issued:Oct 10, 2023
Rating Action:Upgraded, Trend Change
Ratings:A (high)
Trend:Stb
Rating Recovery:
Issued:CAUE

Senior Unsecured Debt

Date Issued:Oct 10, 2023
Rating Action:Upgraded, Trend Change
Ratings:A (high)
Trend:Stb
Rating Recovery:
Issued:CAUE

Short Term Promissory Notes

Date Issued:Oct 10, 2023
Rating Action:Upgraded, Trend Change
Ratings:R-1 (middle)
Trend:Stb
Rating Recovery:
Issued:CAUE

Fixed-to-Fixed Rate Subordinated Notes

Date Issued:Oct 10, 2023
Rating Action:Upgraded, Trend Change
Ratings:A (low)
Trend:Stb
Rating Recovery:
Issued:CAUE

Non-Cumulative Preferred Shares

Date Issued:Oct 10, 2023
Rating Action:Upgraded, Trend Change
Ratings:Pfd-2 (high)
Trend:Stb
Rating Recovery:
Issued:CAUE

Limited Recourse Capital Notes

Date Issued:Oct 10, 2023
Rating Action:Upgraded, Trend Change
Ratings:A (low)
Trend:Stb
Rating Recovery:
Issued:CAUE

Intact Insurance Company

Issuer Rating

Date Issued:Oct 10, 2023
Rating Action:Upgraded, Trend Change
Ratings:AA
Trend:Stb
Rating Recovery:
Issued:CAUE

Financial Strength Rating

Date Issued:Oct 10, 2023
Rating Action:Upgraded, Trend Change
Ratings:AA
Trend:Stb
Rating Recovery:
Issued:CAUE

Intact U.S. Holdings Inc.

Issuer Rating

Date Issued:Oct 10, 2023
Rating Action:Upgraded, Trend Change
Ratings:A (high)
Trend:Stb
Rating Recovery:
Issued:CAUE

Senior Unsecured Debt

Date Issued:Oct 10, 2023
Rating Action:Upgraded, Trend Change
Ratings:A (high)
Trend:Stb
Rating Recovery:
Issued:CAUE

Jevco Insurance Company

Financial Strength Rating

Date Issued:Oct 10, 2023
Rating Action:Upgraded, Trend Change
Ratings:AA
Trend:Stb
Rating Recovery:
Issued:CAUE

Nordic Insurance Company, The

Financial Strength Rating

Date Issued:Oct 10, 2023
Rating Action:Upgraded, Trend Change
Ratings:AA
Trend:Stb
Rating Recovery:
Issued:CAUE

Novex Insurance Company

Financial Strength Rating

Date Issued:Oct 10, 2023
Rating Action:Upgraded, Trend Change
Ratings:AA
Trend:Stb
Rating Recovery:
Issued:CAUE

OBI America Insurance Company

Financial Strength Rating

Date Issued:Oct 10, 2023
Rating Action:Upgraded, Trend Change
Ratings:AA
Trend:Stb
Rating Recovery:
Issued:CAUE

OBI National Insurance Company

Financial Strength Rating

Date Issued:Oct 10, 2023
Rating Action:Upgraded, Trend Change
Ratings:AA
Trend:Stb
Rating Recovery:
Issued:CAUE

Quebec Assurance Company

Financial Strength Rating

Date Issued:Oct 10, 2023
Rating Action:Upgraded, Trend Change
Ratings:AA
Trend:Stb
Rating Recovery:
Issued:CAUE

RSA Insurance Group Limited

Issuer Rating

Date Issued:Oct 10, 2023
Rating Action:Upgraded, Trend Change
Ratings:A (high)
Trend:Stb
Rating Recovery:
Issued:CAUE

Guaranteed Subordinated Notes

Date Issued:Oct 10, 2023
Rating Action:Upgraded, Trend Change
Ratings:A (high)
Trend:Stb
Rating Recovery:
Issued:CAUE

Cumulative Irredeemable Preference Shares

Date Issued:Oct 10, 2023
Rating Action:Upgraded, Trend Change
Ratings:A (low)
Trend:Stb
Rating Recovery:
Issued:CAUE

RSA Insurance Ireland DAC

Financial Strength Rating

Date Issued:Oct 10, 2023
Rating Action:Upgraded, Trend Change
Ratings:AA
Trend:Stb
Rating Recovery:
Issued:CAUE

RSA Luxembourg S.A.

Financial Strength Rating

Date Issued:Oct 10, 2023
Rating Action:Upgraded, Trend Change
Ratings:AA
Trend:Stb
Rating Recovery:
Issued:CAUE

Royal & Sun Alliance Insurance Company of Canada

Financial Strength Rating

Date Issued:Oct 10, 2023
Rating Action:Upgraded, Trend Change
Ratings:AA
Trend:Stb
Rating Recovery:
Issued:CAUE

Royal & Sun Alliance Insurance Limited

Financial Strength Rating

Date Issued:Oct 10, 2023
Rating Action:Upgraded, Trend Change
Ratings:AA
Trend:Stb
Rating Recovery:
Issued:CAUE

Royal & Sun Alliance Reinsurance Limited

Financial Strength Rating

Date Issued:Oct 10, 2023
Rating Action:Upgraded, Trend Change
Ratings:AA
Trend:Stb
Rating Recovery:
Issued:CAUE

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Intact Financial Corporation and Affiliates: Rating Report

Summary

Available Documents