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LAWPRO awarded A (Excellent) financial strength rating by leading rating agency
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Toronto, ON, January 31, 2003 - For the third consecutive year, A.M. Best Co., a leading rating agency, has awarded Lawyers' Professional Indemnity Company (LAWPRO) an "A (Excellent)" financial strength rating.
A.M.Best cited the company'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.
"The company's risk-based underwriting model has resulted in consistent profitable underwriting results, which combined with investment income, have contributed to the sustained internal growth of LAWPRO's capital and financial strength," A.M. Best Co. commented.
The rating agency also commented on LAWPRO's decision to forgo quota-share reinsurance coverage for its Ontario program in 2003: "The company's disciplined management, strengthened capital position and stop-loss arrangement ensure it is able to assume 100 per cent of the Ontario program without compromising its financial strength," according to the A.M. Best Co. media release.
LAWPRO's ability to earn this rating despite a difficult business climate for the insurance industry over the past 18 months reflects well on measures the company has taken to secure its long-term financial strength, according to LAWPRO President Michelle Strom. "We are fortunate that we are able to reap the benefits from our disciplined approach in recent years. Our robust financial position - as confirmed by A.M.Best Co. - enables us to insulate ourselves during these volatile market conditions, while maintaining an innovative insurance program that can respond to the needs of the legal profession."
LAWPRO is a Toronto-based company licensed to provide lawyers' liability insurance, including excess liability insurance. It currently provides comprehensive liability insurance programs to Ontario's 18,500 practising lawyers and the 450 members of the Newfoundland bar. TitlePLUS, LAWPRO's title insurance product, is now available in Atlantic Canada, Ontario, Manitoba and Alberta.
A.M. Best Co., established in 1899, is the world's oldest and most authoritative insurance rating and information source.
On or about October 2, 2017