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.
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