NEW YORK—Standard & Poor’s Corp. on Friday raised the financial strength rating of Crum & Forster Insurance Co. and its related entities to A- from BBB+.

Crum & Forster is a subsidiary of Fairfax Financial Holdings Ltd., which also had its financial strength rating of A- affirmed by S&P.

The New York-based ratings agency said Toronto-based FFH’s financial profile was “strong” as was its capital and liquidity.

The outlook on all of the companies is stable, as S&P said it expects their financial profiles to remain strong.