S&P Assigns American Mercury Lloyds Insur `BBBpi' Rtg
29 July 1999
S&P Assigns American Mercury Lloyds Insur `BBBpi' Rtg
NEW YORK--Standard & Poor's--July 28, 1999-- Standard & Poor's today assigned its triple-'Bpi' financial strength rating to American Mercury Lloyd's Insurance Co.American Mercury Lloyds, which is based in Oklahoma City, Okla., commenced operations in 1987. It is licensed only in Texas and its major lines of business are personal and commercial automobile insurance. The company is a member of Mercury General Group, the largest independent agency automobile carrier in California.
The company is assigned the same rating as American Mercury Insurance Co. (financial strength rating triple 'Bpi'), which reinsures 100% of the company's business.
'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
