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Toronto, ON, January 8, 2002 - A.M. Best Co. has affirmed the financial strength rating of "A (Excellent)" for Lawyers' Professional Indemnity Company (LAWPRO), citing LAWPRO's profitable operating performance, strong capital position, effective management team, favorable loss reserve development and overall financial strength as key indicators that earned LAWPRO the "A" rating.
In its announcement, A.M. Best Co. commented positively on LAWPRO's programs and processes: "The company's risk-based underwriting model has resulted in consistent profitable underwriting results which, when combined with stable investment income, have contributed to the sustained internal growth of LAWPRO's capital and financial strength. Through its prudent underwriting, sophisticated claims handling and effective reinsurance program, LAWPRO has developed a stable market for professional liability coverage in Ontario," the release said.
LAWPRO President Michelle Strom noted that LAWPRO's ability to earn a consistent "A (Excellent)" rating from the world's leading insurance rating agency "is particularly gratifying given the more difficult economic climate of the past year.
"Despite hardening insurance markets, reinsurers have again strongly supported the LAWPRO program, which in itself is an indication of the industry's favourable view of LAWPRO. Our operating results for 2001 will be on target, despite a downturn in the economy and investment markets. Our claims experience remains stable, a reflection of both the proactive risk management and prudent claims management philosophy that we have developed. The A.M. Best rating confirms our financial strength and stability, and solidifies our position as a leading insurance provider for the legal profession."
LAWPRO, is a Toronto-based company that is licensed to provide lawyers' liability insurance, including excess liability insurance. It currently provides Ontario's 18,000 practising lawyers and the 450 members of the Newfoundland bar with comprehensive liability insurance programs. TitlePLUS, LAWPRO's title insurance product, is used widely by real estate practitioners in Ontario. Starting in 2002, LAWPRO plans to launch TitlePLUS in other jurisdictions across Canada.
A.M. Best Co., established in 1899, is the world's oldest and most authoritative insurance rating and information source.
April 30, 2018