Progressive Corp. Affirmed
Progressive Corp.’s “A+” counterparty credit and senior debt ratings were affirmed by S&P. The outlook is stable. Also affirmed was the “A” subordinated debt rating on Progressive.
Hartford Financial Affirmed
The A2 senior long-term debt and Prime-1 commercial paper ratings of The Hartford Financial Services Group Inc. (HFSG) and the insurance financial strength services of its operating subsidiaries were affirmed by Moody’s. The affirmation follows the company’s announced intention to …
Markel Ratings, CreditWatch Revised
S&P lowered its ratings on Markel Corp. and related entities. In addition, the CreditWatch with negative implications which S&P placed on the companies was removed. The counterparty credit and financial strength ratings on Terra Nova (Bermuda) Insurance Co. Ltd. were …
Nationwide Mutual Deal Evaluated
A.M. Best affirmed the financial strength ratings of Nationwide Group and its affiliated companies following an announcement that Nationwide Mutual Insurance Co. (Nationwide Mutual) had reached an agreement to buy Gartmore Investment Management plc (Gartmore) from the Royal Bank of …
Kemper Outlook is Stable
DCR assigned an “A” claims paying ability rating to the Kemper Insurance Cos. (KIC). The rating applies to Lumbermens Mutual Casualty Co. (KIC’s primary insurance subsidiary) and three affiliated insurers. The rating outlook is stable. In a later development, S&P …
State Farm Auto Gets ‘AAA’
Duff & Phelps Credit Rating Co. (DCR) assigned an initial claims paying ability rating of “AAA” to State Farm Mutual Automobile Insurance Company (State Farm Auto). The rating outlook is stable. The rating reflects the superior market share, strong capitalization, …
S&P Rates INSCO-Dico Group Cos.
Standard & Poor’s (S&P) took rating actions on three Irvine-based stock companies. The “BBpi” financial strength rating on Irvine-based Developers Insurance Company (DICO) was affirmed by S&P. The major line of business for DICO is surety, and the company, licensed …
Berkley Regional Group Downgraded
A.M. Best downgraded the financial strength rating of the Berkley Regional Group from “A+” to “A.” The rating is based on the consolidation of the group’s lead company, Berkley Regional Insurance Co., and 15 reinsured subsidiaries and affiliates.
Climbing the Ladder of Un-Success
Charges were filed against Vagan Kazaryan of Sacramento stemming from a 1998 workers’ comp claim. On Oct. 12, 1998, while the 33-year-old man worked as a carpenter for Erickson Carpentry Construction, he allegedly fell from a ladder and injured his …
Working Double Time
Sharyls Lamarsh of Carson City, Nev., was charged with one felony count of insurance fraud. According to CDI fraud investigators, the 57-year-old woman filed a workers’ comp claim with her employer and insurance carrier. During a medical exam, Lamarsh told …
