Best Lowers Erie Rating to 'A+'

A.M. Best Co. has downgraded the financial strength rating to A+ (Superior) from A++ (Superior) of the property/casualty affiliates of Erie Insurance Group (Erie). Along with this action, the group's life affiliate, Erie Family Life Insurance Company, has been downgraded to A (Excellent) from A+ (Superior). Both companies are located in Erie, PA. The rating outlook is stable for both companies. The downgrading of the rating of the property/casualty affiliates reflects the deterioration in surplus, high common stock investment leverage, deteriorating operating performance trends and adverse...