S&P Gives Sable an 'R' Rating

Sable Insurance Co. (Sable), which was placed into conservation on May 11, 2001, by California's Department of Insurance owing to its insolvency of more than $12.9 million, was assigned an 'R' financial strength rating by Standard & Poor's yesterday. Sable, a subsidiary of Reliance National Indemnity Co. and a member of Reliance Group Holdings Inc. (Reliance; NYSE:REL), underwrote workers' compensation and commercial lines mainly in California; however, it also operated in Delaware, Georgia, Illinois, Indiana, Maryland, Michigan, Missouri, Montana, Nebraska, Nevada, North Dakota, Ohio, Pennsyl...