Best Lowers Western Growers Rating

A.M. Best Co. has lowered the financial strength rating of Irvine, CA. based workers' compensation carrier, Western Growers Insurance Co. In lowering the firm from from C++ (Marginal)to D (Poor), Best commented that the rating action 'reflects the company's continued decline in capital strength, significantly elevated leverage measures and additional reserve strengthening'. Though prices are firming and year 2000 accident results are improving, Best cited concerns that, despite managment implementation of plans to improve capitalization, Western Growers is unlikely offset the prior-yea...