AM Best Affirms Credit Ratings of Scotia Insurance (Barbados) Limited
The ratings reflect SIB's balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management.
SIB transitioned to IFRS 17 reporting on Oct. 1, 2023. The company reported approximately CAD 294.5 million of equity at fiscal year-end 2024, an increase from roughly CAD 285.3 million for fiscal year-end 2023. This compared with previously reported equity of about CAD 312.6 million at year-end 2023 on an IFRS 4 basis (i.e. pre-IFRS 17). The majority of SIB's business is creditor life, health and disability reinsurance business for which the Premium Allocation Approach has been utilized under IFRS 17. As a result, there was only minor impact to equity on transitioning from IFRS 4 to IFRS 17 for most of SIB's portfolio. For the company's non-creditor business, SIB holds a contractual service margin liability on its profitable reinsurance contracts, which partly contributed to a decline in reported capital on transition to IFRS 17 but is expected to be released into earnings over time. SIB's business purpose is to reinsure the insurance protection offered to Scotiabank customers through its Canadian retail banking network, allowing the bank to undertake and manage insurance risk. SIB reported profit of approximately CAD 379.6M on an IFRS 17 basis compared with about CAD 350.0 million year-on-year, primarily due to higher insurance revenue.
The stable outlooks reflect SIB's very strong balance sheet strength assessment supported by consistently strong operating performance. The company's favorable operating return on equity on a longstanding basis provides significant support to the balance sheet and reflects SIB's appropriate underwriting practices in its core Canadian creditor life reinsurance product.
This press release relates to Credit Ratings that have been published on AM Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best's Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best's Credit Ratings, Best's Performance Assessments, Best's Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best's Ratings & Assessments.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Wire
an hour ago
- Business Wire
WK KELLOGG INVESTOR ALERT by the Former Attorney General of Louisiana: Kahn Swick & Foti, LLC Investigates Adequacy of Price and Process in Proposed Sale of WK Kellogg Co
NEW YORK & NEW ORLEANS--(BUSINESS WIRE)--Former Attorney General of Louisiana Charles C. Foti, Jr., Esq. and the law firm of Kahn Swick & Foti, LLC ('KSF') are investigating the proposed sale of WK Kellogg Co (NYSE: KLG) to The Ferrero Group. Under the terms of the proposed transaction, shareholders of WK will receive $23.00 in cash for each share of WK that they own. KSF is seeking to determine whether this consideration and the process that led to it are adequate, or whether the consideration undervalues the Company. If you believe that this transaction undervalues the Company and/or if you would like to discuss your legal rights regarding the proposed sale, you may, without obligation or cost to you, e-mail or call KSF Managing Partner Lewis S. Kahn ( toll free at any time at 855-768-1857, or visit to learn more. To learn more about KSF, whose partners include the Former Louisiana Attorney General, visit
Business Wire
an hour ago
- Business Wire
VERONA PHARMA INVESTOR ALERT by the Former Attorney General of Louisiana: Kahn Swick & Foti, LLC Investigates Adequacy of Price and Process in Proposed Sale of Verona Pharma plc
NEW YORK & NEW ORLEANS--(BUSINESS WIRE)--Former Attorney General of Louisiana Charles C. Foti, Jr., Esq. and the law firm of Kahn Swick & Foti, LLC ('KSF') are investigating the proposed sale of Verona Pharma plc (NasdaqGM: VRNA) to Merck & Co., Inc. (NYSE: MRK). Under the terms of the proposed transaction, shareholders of Verona will receive $107.00 in cash for each share of American Depository Share that they own. KSF is seeking to determine whether this consideration and the process that led to it are adequate, or whether the consideration undervalues the Company. If you believe that this transaction undervalues the Company and/or if you would like to discuss your legal rights regarding the proposed sale, you may, without obligation or cost to you, e-mail or call KSF Managing Partner Lewis S. Kahn ( toll free at any time at 855-768-1857, or visit to learn more. To learn more about KSF, whose partners include the Former Louisiana Attorney General, visit
Hamilton Spectator
5 hours ago
- Hamilton Spectator
CUSMA-compliant goods exempt from Trump's 35% trade threat to Canada, White House says
As he reframes his country's trade relationship with the rest of the world, U.S. president Donald Trump is once again turning to some of his favourite tactics: chaos, bluster and uncertainty. A day after Trump fired off a letter to Prime Minister Mark Carney threatening to impose a 35-per-cent tariff on imports from Canada, Trump and some of his White House officials muddied the waters, suggesting that there'd be an exception for goods which comply with the Canada-U.S.-Mexico Agreement on trade. Canadian officials weren't so sure. That lack of clarity is precisely the point of Trump's latest threat, said international trade lawyer John Boscariol. 'I think the goal here is more bluster and chaos on the Trump side during the negotiation process,' said Boscariol, head of the trade law group at McCarthy Tétrault. 'By now, we're starting to recognize a pattern where these missiles are sent during discussions and there's an immediate reaction.' Trump said in a letter to Prime Minister Mark Carney Thursday that Canadian imports would face a 35-per-cent tariff as of Aug. 1 if no trade agreement is reached. Carney had initially been hoping for a deal by July 21. A White House official later suggested that the new tariff would only apply to goods that already face a 25-per-cent rate. That means goods that comply with the Canada-U.S.-Mexico Agreement would avoid the levy, as would energy and potash imports, which face a 10-per-cent rate. The official also said no final policy paper has been drafted and Trump has not yet made a final decision. The new tariff is an increase to the top 25% tariff rates that Trump first imposed in March after months of threats. Trump's tariffs were allegedly in an effort to get Canada to crack down on fentanyl smuggling despite the relatively modest trafficking in the drug from that country. (Produced by Luke Garratt / AP Video / July 11, 2025) A Canadian government official told the Star Friday it was still unclear which goods the 35-per-cent tariff rate would actually apply to. The new trade deadline means Canada will not double its existing 25-per-cent retaliatory tariffs on American steel and aluminum by July 21, the official confirmed. Trump's goal is to create leverage for his negotiators, Boscariol added. 'He announces something. It's not clear exactly how it applies or what it applies to. He lets it hang out there for a while,' said Boscariol. 'I think Canadian negotiators should keep their heads down and ignore the noise.' It's also clear, based on Trump's letters to other countries this week, that he hopes to use trade negotiations to extract non-trade goals, said Boscariol, pointing to Trump's letter to current Brazilian president Luiz Inácio Lula da Silva, which blasted criminal charges against Lula's predecessor and Trump ally Jair Bolsonaro. That makes it harder, said Boscariol, for negotiators to find a coherent way to approach negotiations when the goals aren't precisely clear. Seeing the leader of the world's largest economy use trade talks as a goal to extract non-trade concessions is a new, chaotic path, Boscariol said. 'This just seems to be pure chaos. It seems to change depending on what his interests might be. Sometimes it's trade-related, sometimes it's something else. I think this is unprecedented,' said Boscariol. In the case of Canada, Trump accused Ottawa in his letter to Carney of failing to prevent fentanyl from crossing the border, saying he would 'consider an adjustment' to his tariffs if Canada works with him on the issue. That's despite Canada being a minor source of the fentanyl going into the U.S., data has shown. William Pellerin, an international trade lawyer at McMillan LLP, said it appears Trump is seeking further concessions on Canada's supply management system, even though the Carney government has said it is off the table in negotiations. Industry Minister Mélanie Joly says Canada intends to continue to apply pressure on the U.S. at the negotiating table as U.S. President Donald Trump threatens 35 per cent tariffs after Aug. 1, the deadline for a new economic and security partnership between the two countries. (July 11, 2025 / The Canadian Press) 'If the tariffs go in place and the Canadian auto industry and steel industry begin massive layoffs, for example, and the tariff situation is not getting better, then maybe that changes the equation,' Pellerin told the Star. But putting too much emphasis on whether or not CUSMA exemptions will apply could wind up backfiring, said Matthew Holmes, public policy chief at the Canadian Chamber of Commerce. 'I don't think it helps Canada in any way to assume that CUSMA will protect us. There's nothing in this process that I trust at all. It's a risk,' said Holmes. Trump's letter to Carney makes it clear the U.S. president is aiming for maximum chaos and leverage, Holmes said. 'The 35 per cent is there unless it's not there. Or maybe if he decides we're doing something on fentanyl,' said Holmes. 'Like everything throughout this whole process, it's arbitrary and subject to the whims of one man. The only thing of substance in this letter is that it pushed out the deadline to Aug. 1.' The head of Canada's largest private sector union blasted the 35-per-cent tariff threat. 'There's only one answer to this extortion from the U.S. president: push back — hard,' Unifor national president Lana Payne said. 'Trump's playbook is clear, implement and threaten sky-high tariffs to condition us into accepting a lower baseline tariff as the new normal. We must never fall for it.' Speaking to reporters outside the White House on Friday, Trump said he had a conversation with Canadian officials on Thursday but offered no new details. 'We're gonna see. It was sent yesterday. They called. I think it was fairly well-received,' he said. Carney's office said Friday that the PM will be convening his cabinet for a meeting Tuesday to discuss the negotiations between the two countries ahead of the revised Aug. 1 deadline. He's also holding a meeting with all premiers on July 22. Canada also faces additional U.S. tariffs on steel, aluminum and automobiles, as well as a U.S. plan to introduce tariffs on copper on Aug. 1. At Queen's Park, Premier Doug Ford's office said Trump's latest threatened escalation puts more pressure on Ottawa. 'Now more than ever, we need the federal government to work around the clock to secure a deal that is right for Canada and eliminates all American tariffs,' Ford's office said Friday. With files from Robert Benzie and Star wires
