S&P Downgrades Republic Underwriters

The “AApi” FSRs on Republic Underwriters Insurance Co. (RUI) was lowered to “Api” by S&P. The rating action also applies to RUI’s 100 percent reinsured affiliates: Republic Lloyds; Southern County Mutual Ins. Co.; Republic Vanguard Ins. Co.; Southern Vanguard Ins. Co.; Southern Ins. Co.; Republic Fire & Casualty Ins. Co.; and Southern Underwriters Ins. Co. S&P included RUI’s declining surplus level, volatility in underwriting performance, and high geographic and product line concentrations as major rating factors. Those negative factors were offset in part by RUI’s continuing positive operating results and adequate capitalization. A member of the Credit Suisse group of companies, RUI is headquartered in Dallas and is licensed in seven states, including Nevada, Arizona and Texas. It mainly writes homeowners, personal auto and commercial multi-peril.

Topics Underwriting