Yes, there are several independent rating agencies in the industry. A.M. Best is one such agency and it issues the Best’s Financial Strength Rating for insurance companies. This rating is an independent opinion of an insurer’s financial strength and ability to meet its ongoing insurance policy and contract obligations. It is based on a comprehensive quantitative and qualitative evaluation of a company’s balance sheet strength, operating performance and business profile.
Insurance companies are rated on a 16 level scale, with A++ being the best rating and F being the worst. Companies with ratings of A++, A+, A, A-, B++ and B+ are deemed to be secure. Anything lower than B+ is considered to be vulnerable by A.M. Best.
Mutual Insurance Company of British Columbia, which is Square One’s home insurance underwriter, has a Best’s Financial Strength Rating of A-.