A.M. Best has affirmed the Financial Strength Rating of A(Excellent) and the Long-Term Issuer Credit Rating of "a+" of (Scotia Insurance) (Barbados). The outlook of these Credit Ratings (ratings) isstable.

Scotia Insurance is primarily a life reinsurer that isultimately owned by The Bank of Nova Scotia (Scotiabank). Scotia Insuranceprincipally reinsures credit insurance policies underwritten by third-partylife insurance carriers on consumer loans originated by Scotiabank's retailbranches in Canada, Latin America and the Caribbean. Going forward, ScotiaInsurance will retain this business instead of retroceding the Canadian risksto unaffiliated reinsurers and accepting similar non-Canadian risks from thoseunaffiliated reinsurers. Scotia Insurance exited the internationalproperty/casualty business segment during 2015.

The rating affirmations reflect Scotia Insurance's stronglevels of capitalization, return on equity and liquidity. Additionally, the ratingsreflect Scotia Insurance's enterprise risk management (ERM) framework, which iswell-integrated into its ultimate parent's ERM process, and its highly liquidinvestment portfolio that consists primarily of term bank deposits with a bankaffiliate, in addition to other North American financial institutions.