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12 November 2012 | Press Release

The Boiler Inspection and Insurance Company of Canada Announces A++ (Superior) Financial Strength Rating and aa+ (Superior) Issuer Credit Rating, by A.M. Best Co.

A.M. Best Co. has affirmed the financial strength rating (FSR) of A++ (Superior), and the issuer credit rating (ICR) of "aa+" (Superior), of the members of The Hartford Steam Boiler Group (HSB) (Hartford, CT). As part of the Group, The Boiler Inspection and Insurance Company of Canada receives recognition for these ratings in Canada.
The rating affirmations reflect the group's stand-alone strengths and the benefits derived from synergies with Munich Reinsurance America, Inc. and its ultimate parent, Munich Reinsurance Company (Munich Re). The Group’s relationship with Munich Re has provided access to new markets in continental Europe and refocused the U.S. business on HSB's core equipment breakdown coverage. Furthermore, its already robust enterprise risk management (ERM) practices receive additional benefits from Munich Re's extensive ERM resources.

The ratings also recognize the Group’s distinctive business profile, excellent risk-adjusted capitalization, strong underwriting performance and reserving history. The Boiler Inspection and Insurance Company of Canada is a leading provider of boiler and machinery specialty engineering insurance and machinery inspection services, and it continues to maintain this position with superior loss control capacity and technical expertise.

The Boiler Inspection and Insurance Company of Canada continues its long history of consistently exceptional performance and sustainable, strong capitalization while also regularly producing strong return measures. Management has been very successful in managing through underwriting cycles and has the expertise and resources to take advantage of underwriting opportunities as they present themselves.


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Silvana Martins
Tel.: (416) 216-7204

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