Intact Financial Corporation (IFC) is the leading provider of property and casualty insurance in Canada. As the largest competitor, we combine the advantages inherent in our scale with critical strengths in pricing, underwriting, claims and distribution. This allows us to offer competitively priced products and outstanding service to our customers and brokers and, in turn, achieve superior financial results. IFC's high financial strength rating is reflective of our excellent capitalization, strong market position and risk management discipline that consistently generate above average profitability. 

IFC’s long-term issuer rating with Moody’s Investors Services is Baa1 and the Company’s five principal operating insurance subsidiaries are rated A1 for insurance financial strength (IFS). IFC’s long-term issuer rating with A.M. Best is a- and its five principal operating subsidiaries have a IFS rating of A+. IFC’s long-term issuer rating with DBRS is A (low).

Following IFC’s completion of the acquisition of AXA Canada, DBRS has affirmed its rating but Moody's Investors Services has downgraded by one notch IFC and its five principal operating subsidiaries. A.M. Best has put IFC and its five principal operating subsidiaries under review with negative implications and AXA Canada’s five principal operating subsidiaries under review with developing implications. The review reflects execution risk associated with the integration and increased financial leverage and level of goodwill and intangibles relative to equity capitalization.

DBRS has assigned a rating of Pfd-2(low) with a Stable trend for the Non-cumulative Rate Reset Class A Shares Series 1 and 3 (the “Series 1 and 3 Preferred Shares”) issued on July 12, 2011 and August 18, 2011 respectively.

Financial Strength Ratings

	A. M. Best	Moody’s
Intact Insurance Group of Companies	A+ (Superior)	A1
Axa Assurance Group of Companies	A (Excellent)

Long Term Issuer Credit Ratings

	A. M. Best	Moody’s	DBRS
Intact Financial Corporation	a-	Baa1	A (low)

^{Financial strength ratings information is provided via independent third party resources. Intact Financial Corporation or its affiliates do not guarantee the accuracy, adequacy, completeness or availability of ratings information.}

A.M. Best

“The ratings are reflective of the Group's superior capitalization, above average profitability and strong business profile as the largest non-government property/casualty insurer in Canada. In addition, the Group benefits from internal investment and claims management and a knowledgeable executive management team experienced in growth through acquisitions. The Group maintains advantages over its competitors in pricing and risk selection due to its superior size, geographic and product line diversification as well as its multi-channel distribution network and sound catastrophe management.”

For additional information and the latest ratings, please consult www.ambest.com.

Moody’s

“The senior debt and IFS ratings are based on IFC's excellent market position in the fragmented Canadian P&C insurance industry, a risk management discipline which has produced good underwriting results, strong reserve adequacy with consistently favorable prior-year development.”

For additional information and the latest ratings, please consult www.moodys.com.

DBRS

“The Company’s consistent underwriting strength and industry outperformance reflect its relative scale and strong market position in the Canadian property and casualty insurance market, where it is the largest competitor,… Intact leverages its scale advantages through the application of superior underwriting capabilities, market segment pricing, technology, investment, claims and general expense management.”

For additional information and the latest ratings, please consult www.dbrs.com.