AM Best assigns credit ratings to La Capital General Insurance Inc., La Capitale Civil Service Insurer Inc.; Affirms the credit ratings of certain subsidiaries of Beneva Inc

OLDWICK, NJ–(BUSINESS WIRE)–AM the best has assigned a Financial Strength Rating (FSR) of A (Excellent) and a Long-Term Issuer Credit Rating (Long-Term ICR) of “a” (Excellent) for La Capitale General Insurance Inc. (La Capitale General Insurance). Additionally, AM Best has assigned an FSR of A (Excellent) and a Long-Term ICR of “a” (Excellent) to La Capitale Civil Service Insurer Inc. (La Capitale Civil Service Insurer). The outlook assigned to these Credit Ratings (ratings) is Stable. In addition, AM Best has affirmed SSQ Life Insurance Company, Inc.’s FSR of A (Excellent) and Long-Term ICR of “a” (Excellent). (SSQ Life), L’Unique General Insurance Inc. (L’ Unique) and Unica Insurance Inc. (Unica). The outlook for these ratings is stable.

La Capitale Civil Service Insurer’s ratings reflect the strength of its balance sheet, which AM Best rates as very strong, as well as adequate operating performance, a neutral business profile and appropriate enterprise risk management (ERM). Civil Service Insurer La Capitale operates as a generalist within individual insurance, group insurance, savings, personal lines and commercial product lines.

La Capitale General Insurance’s ratings reflect the strength of its balance sheet, which AM Best rates as very strong, as well as its adequate operating performance, neutral business profile and adequate ERM. La Capitale General Insurance operates as a generalist within personal lines and commercial product lines.

Business is written through direct distribution channels in Quebec.

SSQ Life’s ratings reflect its balance sheet strength, which AM Best rates as very strong, as well as its strong operating performance, neutral business profile and adequate ERM. AM Best expects that SSQ Life’s continued favorable operating performance should continue to drive capital growth following the expected integration of the brand into Beneva Inc., which will begin in 2023.

L’Unique’s ratings reflect the strength of its balance sheet, which AM Best rates as very strong, as well as adequate operating performance, a neutral business profile and adequate ERM. L’Unique was founded in 1978 and writes auto, home, recreational and commercial vehicle insurance through a network of brokers, exclusively in Quebec.

Unica’s ratings reflect the strength of its balance sheet, which AM Best rates as very strong, as well as adequate operating performance, limited business profile and adequate ERM. Unica, originally founded in 1955, provides commercial and VIP personal insurance solutions to protect the homes, vehicles and businesses of high net worth clients, also offering umbrella liability. Unica writes exclusively within Ontario and distributes products through a network of select insurance brokers.

The ratings of La Capitale Civil Service Insurer, La Capitale General Insurance, Unica and L’Unique take into account the benefit each entity receives from operating as part of the larger Beneva organization in support of the shared business strategy. The ratings also reflect Beneva management’s commitment to further integrate each company into the overall organization with SSQ Life, resulting in a broader organization serving a diverse clientele.

This press release relates to the Credit Ratings that are published on AM Best’s website. For all assessment information regarding publication and related disclosures including office details

responsible for issuing each of the individual ratings referenced in this publication, please see AM Best’s Last assessment activity Web page. For additional information regarding the use and limitations of Credit Score opinions, please see Guide to Best Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Ratings, Best’s Preliminary Credit Ratings and AM Best’s press releases, please see Guide to the proper use of Best ratings and reviews.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

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