AM Best has affirmed the credit ratings of Intact Financial Corporation and its core insurance subsidiaries, citing the group’s very strong balance sheet, consistent underwriting profitability and diversified geographic footprint across Canada, the United States, and the United Kingdom and Ireland.
The rating agency affirmed the financial strength rating of A+ (Superior) and the long-term issuer credit ratings of “aa-” (Superior) for Intact Insurance Company, the lead company of Intact Financial Corporation, along with the group’s core operating subsidiaries. At the same time, AM Best affirmed the long-term issuer credit rating of “a-” (Excellent) and the long-term issue credit ratings of Intact Financial Corporation, the parent holding company. It also affirmed the long-term issuer credit rating of “a-” (Excellent) for Intact U.S. Holdings Inc., an intermediate holding company within the group. All of the outlooks remain stable.
AM Best said the ratings reflect Intact’s consolidated balance sheet strength, which it assesses as very strong, as well as the company’s strong operating performance, favourable business profile and appropriate enterprise risk management. The agency added that Intact’s strongest-level risk-adjusted capitalisation, as measured by Best’s Capital Adequacy Ratio, continues to support the balance sheet. Other strengths cited included capital growth, a prudent investment approach, favourable liquidity and positive reserve development trends.
The agency noted that Intact’s financial leverage had, at times, been slightly elevated due to capital raises used to support acquisitions, but said leverage has improved significantly over the past two years through debt repayment and organic earnings growth. AM Best also said the company continues to benefit from financial flexibility through access to both Canadian and US capital markets.
On operating performance, AM Best pointed to Intact’s consistently favourable underwriting and operating results across all of its major territories. The agency highlighted the insurer’s strongest-ever net income result in 2025, when it reported $3.4 billion, supported by sustained underwriting profitability and strong investment income. It also said recent strategic actions in the UK and Ireland business, including the exit from the UK personal lines market, should further strengthen consolidated operating performance by sharpening the focus on commercial lines.
AM Best also described Intact’s business profile as favourable, reflecting the company’s broad geographic, product and channel diversification. It said Intact remains the largest provider of property and casualty insurance in Canada, with strong brand recognition through its operating entities. The agency added that Intact US enhances the group’s North American specialty commercial lines platform, while the UK and Ireland segment expands its international reach with a commercial and specialty focus.
AM Best also affirmed the following core subsidiaries of Intact Financial Corporation:
