The “BBBpi” FSR on Statewide Insurance Co. (IL) (Statewide) was lowered to “BBpi” by S&P. The rating action was based on Statewide’s declining surplus level, marginal operating performance, rapid premium growth and reserve development volatility. Illinois-based Statewide is licensed in 25 states and mainly writes commercial multi-peril, surety bonds, workers’ comp and commercial auto. As a result of construction defect-related exposures, the company suspended writing property coverage in Nevada. Its major states of operations are Illinois, Arizona and Missouri.
Was this article valuable?
Here are more articles you may enjoy.
Nine-Month 2025 Results Show P/C Underwriting Gain Skyrocketed 
AIG’s Zaffino: Outcomes From AI Use Went From ‘Aspirational’ to ‘Beyond Expectations’ 
Insurance Issue Leaves Some Players Off World Baseball Classic Rosters 
Trump’s Repeal of Climate Rule Opens a ‘New Front’ for Litigation From This Issue
