A.M. Best Downgrades Ratings of Work Comp Carrier

A.M. Best has downgraded the financial strength and issuer credit ratings of a Chicago-based carrier that writes workers' compensation policies, and its affiliates, assigning them negative outlooks, the insurance rating source announced Monday. A.M. Best downgraded the financial strength rating of Public Service Insurance Co. and its affiliates, Paramount Insurance Co. of New York and Western Select Insurance Co. of Chicago, to C (Marginal) from B- (Fair), and the issuer credit rating to "b" from "bb-". The carriers are collectively referred to as Magna Cart...