Moody Confirms Debt Rating of Harleysville Grp

Moody's Investors Service has announced that it has confirmed the long-term debt ratings of Harleysville Group Inc. ("HGIC" - senior unsecured debt at Baa1) and the A2 insurance financial strength ratings of the members of the Harleysville Group intercompany pool. In the same action, the outlook on all ratings was changed to negative from stable. According to Moody's, the outlook change was prompted by continued weakness in HGIC's operating performance and by HGIC's announcement that it would take a $55 million pre-tax charge in the third quarter to strengthen loss and loss adjustment expens...