The “BBBpi” FSR on Statewide Insurance Co. (IL) 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 Arizona Illinois and Missouri.
Was this article valuable?
Here are more articles you may enjoy.
Insurance Issue Leaves Some Players Off World Baseball Classic Rosters 
Trump Demands $1 Billion From Harvard as Prolonged Standoff Appears to Deepen 
Zurich Insurance’s Beazley Bid Sets the Stage for More Insurance Deals 
Inside the Toxic Legacy of Georgia-Based Mulitbillion-Dollar Carpet Empire From This Issue
