S&P’s Withdraws Trio of Royal & Sun Alliance Affiliate Ratings
Standard & Poor’s has removed its ‘BBB+’ counterparty credit and
financial strength ratings on Employee Benefits Insurance Co., Design
Professional Insurance Co., and EBI Indemnity Co., which are affiliates of Royal Indemnity Co. (BBB+/Developing /–).
“These ratings are being removed as each entity was merged with
affiliate, Security Insurance Co. of Hartford (SICH) based on the Connecticut Insurance Department’s approval effective Dec. 31, 2002,” Standard & Poor’s credit analyst Fred Loeloff said.
The SICH statutory annual statement and its prior year information will be restated to reflect this operational change, and the surplus from the affected entities will be combined with the remaining affiliates of Royal Indemnity Co. with no surplus effect. With the merger completed, Standard & Poor’s has withdrawn the ratings at the company’s request.
- Chubb CEO Greenberg: Some Financial Lines Underwriting Practices ‘Simply Dumb’
- Insurer Chubb Prepares to Pay $350M in Baltimore Bridge Collapse
- Growing Progressive Set to Hire 10,000 for Claims, IT, Other Roles
- Florida’s Home Insurance Industry May Be Worse Than Anyone Realizes