Ratings Roundup: American Family, Patrons Mutual, Crawford & Co.
Standard & Poor's Ratings Services has affirmed its 'A+' long-term counterparty credit and financial strength ratings on American Family Mutual Insurance Co. (AFMIC) and its wholly owned subsidiaries, American Family Insurance Co., American Standard Insurance Co. of Ohio, and American Standard Insurance Co. of Wisconsin, which cede all risk to AFMIC, and American Family Life Insurance Co. The outlook is stable.
A.M. Best Co. has placed the financial strength rating (FSR) of "B++" (Good) and the issuer credit ratings (ICR) of "bbb" of Patrons Mutual Group of Connecticut under review with positive implications. Patrons Mutual Group consists of Patrons Mutual Insurance Company of Connecticut, Litchfield Mutual Fire Insurance Company and Patrons Fire Insurance Company of Rhode Island. "These rating actions are the result of the announcement that Patrons Mutual Group has entered into an agreement to be affiliated with State Automobile Mutual Insurance Company of Columbus, Ohio," said Best.
Standard & Poor's Rating Services has revised its outlook on Crawford & Co. to negative from stable. S&P also affirmed its 'BB-' counterparty credit and senior secured bank loan ratings on Crawford. "The outlook was revised primarily due to lower revenues generated by the U.S. Property & Casualty and Legal Settlement Administration business segments, which further stressed earnings in 2007 given the additional expenses and debt and interest obligations assumed in the acquisition of Broadspire Management Services Inc.," explained S&P credit analyst Damien Magarelli. S&P added that the "ratings on Crawford reflect the third-party administrator's leading market position and diversified global claims services operations. However, high debt leverage and marginal liquidity are negative factors."
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Companies: American Family Insurance, Crawford & Co, State Automobile Mutual Insurance CompanyCategories: National NewsTopics: Business Moves & Mergers, Connecticut, earnings, Ohio, Rhode Island, Wisconsin
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