Ulico's S&P Rating Lowered

Standard & Poor's said today it lowered its counterparty credit and financial strength ratings on Ulico Casualty Co. and Ulico Indemnity Co. (Ulico Casualty's interaffiliate pool member) to single-'Bpi' because of the companies' historically weak operating performance, low liquidity, and volatile reserve development, partly offset by strong capitalization. Ulico Casualty is a stock company based in Washington, D.C., (domiciled in Delaware) and licensed in 48 states and D.C. In addition, the company is an authorized surplus lines writer in Puerto Rico and Rhode Island. Its major lines of busi...