OLDWICK, N.J.--(BUSINESS WIRE)--A.M. Best Co. has withdrawn the issuer credit rating of “bb+” of The Westaim Corporation (Westaim) (Toronto, Ontario) [TSX: WED].
These actions follow the announcement by Westaim on September 5, 2012 that it had completed the sale of all of the outstanding shares of its only operating insurance company, JEVCO Insurance Company, to Intact Financial Corporation.
The methodology used in determining these ratings is Best’s Credit Rating Methodology, which provides a comprehensive explanation of A.M. Best’s rating process and contains the different rating criteria employed in the rating process. Key criteria utilized include: “Risk Management and the Rating Process for Insurance Companies” and “Evaluating Non-Insurance Ultimate Parents.” Best’s Credit Rating Methodology can be found at www.ambest.com/ratings/methodology.
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