Best Downgrades HIH to Weak

A.M. Best Co. reported yesterday that it downgraded the financial strength rating of HIH America Group, San Francisco, from B+ (Very Good) to C (Weak). Best said that the rating action is reflective of HIH America's current run-off status and the liquidation of HIH Insurance Ltd., the group's Australia-based parent. On Oct. 31, 2000, HIH America ceased writing new business and announced the sale of the renewal rights and other tangible assets associated with its large account California workers' compensation business to Alaska National Insurance Co. Then on Dec. 1, 2000, HIH America anno...