A.M. Best closes Canadian office

Rating agency A.M. Best says that it will be closing down its Canadian office from June this year, with all activities transferred to the company’s U.S. head-office located in Oldwick, New Jersey. The objective is to streamline the Canadian rating and data reporting operations and to eliminate overlapping activities, A.M. Best says. The rating agency’s Toronto office resulted from the acquisition of TRAC Insurance Services in June 1999. “A.M. Best remains committed to the Canadian insurance market…Best’s analytical team will continue to provide detailed financial reports on all rated companies and will publish detailed research reports on various industry topics. These ratings and special reports remain available through the company’s Canadian website, www.ambest.ca.”