NEW YORK–(BUSINESS WIRE)–June 26, 2003–Standard & Poor’s–Standard & Poor’s Ratings Services said today that it revised its outlook on MGIC Investment Corp. (Investment), a holding company, and its mortgage insurance (MI) subsidiaries — Mortgage Guaranty Insurance Corp. (MGIC), MGIC Mortgage Insurance Corp., and MGIC Indemnity Corp.– because of a recent moderate decline in profitability of… Continue reading S&P Revises MGIC Investment and Subs Outlook to Neg
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S&P Cuts Atlantic Mutual Ratings
June 26, 10:09 a.m. EDT, New York—Standard & Poor’s Ratings Services has downgraded the credit rating for Atlantic Mutual Companies and its subsidiaries to “Triple-B” from “Triple-B-Plus”, citing the company’s “weak underwriting performance.” The counterparty risk of default and financial strength assessments for a number of Atlantic Mutual units—including Atlantic Mutual Insurance, Centennial Insurance and… Continue reading S&P Cuts Atlantic Mutual Ratings
S&P Lowers Atlantic Mutual Rtgs to ‘BBB’; Outlook Neg
Business Wire – June 25, 2003 16:51 NEW YORK–(BUSINESS WIRE)–June 25, 2003–Standard & Poor’s-Standard & Poor’s Ratings Services said today that it lowered its counterparty credit and financial strength ratings on Atlantic Mutual Insurance Co. (AMIC), Centennial Insurance Co., Atlantic Specialty Insurance Co., and Atlantic Lloyds Insurance Co. of Texas (collectively referred to as Atlantic… Continue reading S&P Lowers Atlantic Mutual Rtgs to ‘BBB’; Outlook Neg
A.M. Best Affirms Financial Strength Rating of St. Paul; Downgrades Debt Ratings
Business Wire – June 13, 2003 16:08 OLDWICK, N.J.–(BUSINESS WIRE)–June 13, 2003–A.M. Best Co. has affirmed the financial strength rating of A (Excellent) of The St. Paul Companies, Inc.’s (St. Paul, MN) (NYSE: SPC) property/casualty subsidiaries. Concurrently, A.M. Best has downgraded its senior debt rating to “bbb+” from “a-“, subordinated debt to “bbb” from “bbb+”,… Continue reading A.M. Best Affirms Financial Strength Rating of St. Paul; Downgrades Debt Ratings
Best Lowers ACE’s Debt Ratings
NU Online News Service, June 10, 4:14 p.m. EDT—A.M. Best said it has downgraded its ratings for Bermuda-based ACE Limited’s debt securities as well as those for securities guaranteed by ACE while affirming the financial strength ratings of ACE’s operating units. In today’s ratings action, the Oldwick, N.J.-based rating agency lowered ACE’s senior debt rating… Continue reading Best Lowers ACE’s Debt Ratings
A.M. Best Places Ratings of Atlantic Mutual Companies Under Review with Negative Implications
OLDWICK, N.J.–(BUSINESS WIRE)–June 6, 2003–A.M. Best Co. has placed the financial strength rating of A- (Excellent) of the Atlantic Mutual Companies (The Atlantic) (New York) under review with negative implications. Concurrently, A.M. Best has placed the “bbb” debt rating of Atlantic Mutual Insurance Company’s existing $100 million 8.15% surplus notes, due February 2028 under review… Continue reading A.M. Best Places Ratings of Atlantic Mutual Companies Under Review with Negative Implications
State Auto Looks Skeptically at Shareholder’s Merger Offer
COLUMBUS, Ohio, Jun 05, 2003, (A. M. Best via COMTEX) — A shareholder’s proposal to increase share value for the company has prompted State Automobile Mutual Insurance Co. to review a merger proposal with an as-yet unformed company. Gregory Shepard–a shareholder of State Auto Financial Corp. (NYSE:STFC), the insurer’s publicly traded holding company subsidiary–has proposed… Continue reading State Auto Looks Skeptically at Shareholder’s Merger Offer
S&P Lowers Princeton Insurance Co. Ratings to ‘Bpi’
NEW YORK–(BUSINESS WIRE)–June 5, 2003–Standard & Poor’s–Standard & Poor’s Ratings Services said today that it lowered its counterparty credit and financial strength ratings on Princeton Insurance Co. to ‘Bpi’ from ‘BBBpi’ because of adverse reserve development in 2002 and 2001, which significantly affected the company’s operating performance and capitalization. “Standard & Poor’s believes the company… Continue reading S&P Lowers Princeton Insurance Co. Ratings to ‘Bpi’
Harleysville’s S&P Rating Downgraded
NU Online News Service, May 21, 10:02 a.m. EDT—Standard & Poor’s Ratings Services has lowered its counterparty credit and senior debt rating on Harleysville Group Inc. to “Triple-B” from “Triple-B-Plus,” citing first-quarter company losses and the “volatile” performance of its subsidiaries. The New York-based S&P said that the ratings outlook is “stable.” “The ratings action… Continue reading Harleysville’s S&P Rating Downgraded
Allianz Insurance Group Marks $592m Loss
The Associated Press Friday, May 16, 2003; 8:23 AM FRANKFURT, Germany – Germany’s Allianz insurance group lost 520 million euros ($592 million) in the first quarter due to the fallen value of its investment holdings. The Allianz loss reported Friday contrasted with a profit of 1.93 billion euros in the same quarter a year earlier… Continue reading Allianz Insurance Group Marks $592m Loss