Milbank Insurance Co. Assigned 'Api' Rating by Standard & Poor's
5 October 1998
Milbank Insurance Co. Assigned 'Api' Rating by Standard & Poor'sNEW YORK, Oct. 2 -- Standard & Poor's today assigned its single-`Api' insurer financial strength rating to Milbank Insurance Co. The company is licensed in 25 states. Its major line of business is private passenger auto liability, and it is a member of State Automobiles Insurance Companies, a large insurance group with surplus in excess of $100 million. The company commenced operations in 1892; and the principle state in which it operates is Minnesota. As a consequence of an interaffiliate pooling arrangement with State Automobile Mutual Insurance Co. under which it receives 10% of the pool, Milbank Insurance is assigned a rating of single-'Api'. 'Pi' ratings, denoted with a pi subscript, are insurer financial strength ratings based on an analysis of an insurer's published financial information and additional information in the public domain. They do not reflect in-depth meetings with an insurer's management and are therefore based on less comprehensive information than ratings without a 'pi' subscript. Pi ratings are reviewed annually based on a new year's financial statements, but may be reviewed on an interim basis if a major event that may affect the insurer's financial security occurs. Ratings with a pi subscript are not subject to potential CreditWatch listings. Ratings with a pi subscript generally are not modified with 'plus' or 'minus' designations. However, such designations may be assigned when the insurer's financial strength rating is constrained by sovereign risk or the credit quality of a parent company or affiliated group, Standard & Poor's said. -- CreditWire