S&P Affirms New Mex Mutual Ratings

Standard & Poor's Ratings Services said Friday it affirmed its triple-'Bpi' financial strength rating on New Mexico Mutual Casualty Co. and its fully reinsured affiliate, Southwest Casualty Co. "Key rating factors include strong capitalization and favorable reserve development offset by high geographic and product-line concentration, and recent declines in profitability," said Standard & Poor's credit analyst Alan Koerber. Based in Albuquerque, N.M., this company is the leading writer of workers' compensation in New Mexico. The company is licensed only in New Mexico and its products are di...