OLDWICK, N.J. — (BUSINESS WIRE) — #insurance—AM Best has assigned a Long-Term Issuer Credit Rating of “bbb-” (Good) to Definity Financial Corporation (Definity Financial) (Ontario, Canada). The outlook assigned to this Credit Rating (rating) is stable.
The rating reflects the company’s ownership of its operating subsidiary, Definity Insurance Company (DIC), as well as its intention to remain a non-operating holding company. DIC was previously named Economical Mutual Insurance Company (Economical), and is one of the largest property/casualty writers in Canada. DIC and Definity Financial recently finished the process of demutualizing and an initial public offering, respectively, on Nov. 23, 2021. In the process, Definity Financial became the owner of all outstanding DIC shares, and in December 2021 Economical was renamed to DIC.
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