S&P Affirms State Auto Property & Casualty 'Api" Rtg
8 March 2000
S&P Affirms State Auto Property & Casualty 'Api" Rtg
NEW YORK--March 7, 2000--Standard & Poor's today affirmed its single-'Api' financial strength rating on State Auto Property & Casualty Insurance Co. (SAPC).SAPC is a stock company based in Columbus, Ohio, (domiciled in South Carolina) and licensed in 30 states. Its major lines of business are private passenger auto insurance and homeowners' insurance.
SPCI is a member of State Auto Group, a large insurance group with a 1998 surplus of $703.3 million. SPCI, which distributes its products primarily through independent general agents, commenced operations in 1950.
Standard & Poor's affirmed this rating as a result of SAPC's interaffiliate pooling arrangement with State Automobile Mutual Insurance Co., under which it receives 37% of the pool.
'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