AM Best has affirmed the financial strength rating of A+ (Superior) and long-term issuer credit ratings for Canadian property and casualty insurer 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.

Insurance Business reported that the agency assessed Intact's balance sheet strength as very strong, underpinned by strongest-level risk-adjusted capitalisation as measured by Best's Capital Adequacy Ratio, prudent investment approach, favourable liquidity, and positive reserve development trends. All outlooks remain stable.

AM Best pointed to Intact's strongest-ever net income result in 2025, when the group reported $3.4bn (€3.1bn), supported by sustained underwriting profitability and strong investment income across all major territories.

On financial leverage, AM Best noted that leverage had at times been slightly elevated due to capital raises supporting acquisitions, but said it has improved significantly over the past two years through debt repayment and organic earnings growth. The agency also highlighted the group's financial flexibility through access to both Canadian and US capital markets.

AM Best said recent strategic actions in Intact's UK and Ireland segment, including the exit from the UK personal lines market, should further strengthen consolidated operating performance by sharpening the firm's focus on commercial lines.

The agency described Intact's business profile as favourable, reflecting broad geographic, product, and channel diversification. It noted that the UK and Ireland segment expands the group's international reach with a commercial and specialist focus, complementing its dominant position as the largest property and casualty insurer in Canada.

The rating affirmation provides a benchmark of balance sheet credibility relevant to accountancy and financial advisory practitioners assessing counterparty strength within the commercial insurance sector.

Read the complete report on Intact Financial's AM Best rating affirmation.