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LAWPRO awarded sixth annual A (Excellent) financial strength rating
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Toronto, ON, January 12, 2006 - Lawyers' Professional Indemnity Company (LAWPRO) has been awarded an "A (Excellent)" financial strength rating for the sixth year in a row from A.M. Best Co., a leading rating agency.
A.M. Best attributes LAWPRO's ability to consistently earn this rating and a stable outlook to the company's underwriting and operating strength, excellent capitalization and a skilled management team.
"Historically strong operating results are supported by the company's use of a risk-based underwriting model, which provides greater control over matching risk factors to the cost of insurance. Further supporting underwriting experience is conservative yet consistent investment income. Operating experience has supported the growth in capital and current capital strength," A.M. Best Co. said in its news release.
A.M. Best also commented on LAWPRO's ability to manage risks on its insurance program: A combination of stop-loss reinsurance and self-insurance arrangements have mitigated potential exposure resulting from LAWPRO's decision to forgo quota share reinsurance coverage for the insurance program since 2002; LAWPRO has maintained strong reserves that address the incidence of fraud-related claims; underwriting losses reported in some of the recent years are primarily due to a return of premiums, rather than an indication of deteriorating underwriting experience.
"Overall, A.M. Best believes that the company's disciplined management, strong results and excellent capital position will ensure its ability to assume the liability program without compromising its financial strength."
Lawyers' Professional Indemnity Company (LAWPRO) is a wholly Canadian-owned insurer providing a diverse range of insurance-related programs, services, and resources, including title insurance through its TitlePLUS program, to support the legal community in numerous jurisdictions across Canada.
A.M. Best Co., established in 1899, is the world's oldest and most authoritative insurance rating and information source.
January 31, 2018