S&P Lowers Rating on Associated Industries

Standard & Poor's Ratings Services said Friday that it lowered its counterparty credit and financial strength ratings on Associated Industries Insurance Co. (AII) to 'Bpi' from 'BBpi'. "This rating action was based on AII's weak capital, weak liquidity, high geographic and product-line concentrations, and volatile operating performance," said Standard & Poor's credit analyst Allison MacCullough. Based in Boca Raton, Fla., AII writes only workers' compensation insurance. Its products are distributed primarily through independent general agents. The company, which began business in 1954, is ...