A.M. Best Co. has revised the outlook to negative from stable and affirmed the financial strength rating of B+ (Good) and issuer credit rating of “bbb-” of Partners Mutual Insurance Company (Partners) of Waukesha, Wis.
The negative outlook reflects Partners’ trend of operating losses that have caused a decline in its risk-adjusted capitalization at a time of highly competitive market conditions.
The ratings also reflect Partners’ adequate capitalization and long-standing agency relationships. Offsetting these positive factors are the company’s recent trend of deteriorating underwriting performance, elevated expense structure and geographic concentration of risks that exposes it to severe weather-related events.
Source: A.M. Best
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