Standard & Poor's Ratings Services today said it lowered to 'BBpi' from 'BBBpi' its counterparty credit and financial strength ratings on Insurance Co. of the West (83.5%) and its qualifying inter-affiliated pool members, The Explorer Insurance Co. (15.0%) and Independence Casualty & Surety Co. (1.5%) (collectively ICW group).
"The rating action is based on a decline in capitalization and surplus and poor operating performance following several years of adverse reserve development," explained credit analyst Alan Koerber.
Headquartered in San Diego, California, the company writes mainly wor...
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