ICPEI Press Release - AM Best's excellent credit rating (A-)

PRESS RELEASE

For immediate release

THE INSURANCE COMPANY OF PRINCE EDWARD ISLAND RECOGNIZED FOR ITS FINANCIAL STRENGTH AND STABILITY

Montreal, November 22, 2024 – The Insurance Company of Prince Edward Island (ICPEI) is pleased to announce that it has been given an Excellent rating (A-) from global credit rating agency AM Best. This result reflects ICPEI’s financial strength and stability, as confirmed through rigorous analysis conducted by AM Best, a globally renowned rating agency focused solely on the insurance industry.

The A- rating from AM Best attests to ICPEI’s ability to honour its financial commitments and maintain its strong market position. This achievement reflects ICPEI’s sound management and strategy focused on both sustainable growth and client satisfaction. “We’re honoured to receive this rating. It’s a testament to our commitment to excellence and reliability, and it reinforces our position as a key player in the Canadian property and casualty insurance market,” said Serge Lavoie, President and CEO of ICPEI.

According to AM Best, over the past five years, ICPEI has displayed a profitability trend that is expected to continue. This stable outlook reflects expectations that ICPEI will maintain a solid balance sheet while reaching its growth targets. Through Desjardins Group, ICPEI benefits from strong financial backing and robust support functions.

ICPEI will continue to focus on growth so that it can meet the changing needs of Canadian businesses. The A- rating attests to ICPEI’s tireless efforts to provide insurance solutions that meet the unique needs of small, medium and large businesses.

For more information about AM Best, see their website.

About ICPEI
Founded in 1998, ICPEI Holdings Inc. operates in the Canadian property and casualty insurance industry through its wholly owned subsidiary, the Insurance Company of Prince Edward Island (ICPEI). ICPEI distributes commercial and personal insurance products exclusively through the broker channel.

For more information (media inquiries only):

Aurélie Doré, The Insurance Company of Prince Edward Island