Last update: Sept. 28, 2017
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A.M. Best Affirms Rating of Lawyers' Professional Indemnity Company
OLDWICK, N.J. January 15 (BestWire) - A.M. Best Co. has affirmed the financial strength rating of A (Excellent) of Lawyers' Professional Indemnity Company (LAWPRO) (Toronto). LAWPRO is wholly owned by the Law Society of Upper Canada, which is the governing body of Ontario lawyers. The rating outlook is stable.
The rating reflects LAWPRO's strong operating performance, excellent capitalization, and its historically favorable loss reserve development. The company specializes in underwriting lawyers' professional liability coverage on a claims made basis in Ontario, Newfoundland and Labrador, along with title insurance products in numerous jurisdictions across Canada. In addition to its favorable underwriting results, the company maintains a conservative investment portfolio, which provides a consistent source of investment income. This combination of underwriting results and investment income has greatly supported the growth in capitalization over the years.
Partially offsetting these rating factors are LAWPRO's rising costs associated with defending claims. Furthermore, LAWPRO's unique business niche exposes it to changes in the economy and litigation environment.
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