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Liberty Mutual Responds to S&P's Rating Downgrade to 'A-'
National News • September 26, 2008
Boston-based Liberty Mutual Group is not pleased by Standard & Poor's announcement that it was lowering the Company's financial strength rating from 'A' to 'A-' with a stable outlook, following ...
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| Subject | Posted By | Posted On |
|---|---|---|
| RE: Winning Friends and Influencing People | Dennis | Oct 6, 2008, 2:01 pm |
| Winning Friends and Influencing People | Smooth Talker | Oct 2, 2008, 1:29 pm |
| Speaking of mergers | speak-king | Oct 2, 2008, 4:17 am |
| posted from AP | watcher | Oct 1, 2008, 5:01 am |
| SEVERAL MORE | more, more, more | Oct 1, 2008, 4:58 am |
| RE: raise forthcoming? | Sep 29, 2008, 4:48 pm |
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| RE: I remember when.............. | Peon Agent | Sep 29, 2008, 3:09 pm |
| RE: RE: Boo-Hoo | Peon Agent | Sep 29, 2008, 2:56 pm |
| RE: RE: Rating Reduction | Reality Bites | Sep 29, 2008, 2:28 pm |
| RE: RE: RE: Liberty Downgrade... A telling sign of things to | WA Agent | Sep 29, 2008, 2:28 pm |
| Ahead of the curve | LOng Term Agent | Sep 29, 2008, 2:12 pm |
| I remember when.............. | Former Safeco Employee | Sep 29, 2008, 1:33 pm |
| raise forthcoming? | curious george | Sep 29, 2008, 1:08 pm |
| RE: RE: Liberty Downgrade... A telling sign of things to com | Insurance Bear | Sep 29, 2008, 1:07 pm |
| RE: Liberty Downgrade... A telling sign of things to come??? | DC | Sep 29, 2008, 1:01 pm |
| RE: Liberty Downgrade... A telling sign of things to come??? | tom | Sep 29, 2008, 1:01 pm |
| Liberty Downgrade... A telling sign of things to come??? | Leaving Liberty | Sep 29, 2008, 12:51 pm |
| What a Shock!!!! | Gregorevich Drinks | Sep 29, 2008, 12:39 pm |
| RE: Rating Reduction | DC | Sep 29, 2008, 12:34 pm |
| RE: Insurance Egg Head - Big Turtle | pone master | Sep 29, 2008, 11:23 am |
| Insurance Egg Head - Big Turtle | Sep 29, 2008, 8:32 am |
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| Liberty is just one of many with big problems. | Liberty Lover | Sep 26, 2008, 4:13 pm |
| Rating Reduction | Liberty Policyholder | Sep 26, 2008, 2:21 pm |
| LIBERTY WAKE UP ! | Watcher | Sep 26, 2008, 2:13 pm |
| RE: Boo-Hoo | Big Turtle | Sep 26, 2008, 2:13 pm |
| Boo-Hoo | 2ndamendmentmomma | Sep 26, 2008, 1:42 pm |
| Back to article | ||
Subject: Liberty is just one of many with big problems.
Property and casualty insurer Harleysville Group Inc. - rated A minus by AM Best - said Tuesday that it holds $11 million worth of securities from investment bank Lehman Brothers Holdings Inc. and mega-insurer American International Group.
Shares of State Auto Financial Corp. fell sharply Monday after an analyst downgraded the insurance company's stock, calling it overpriced after steep gains last week.
Cincinnati, which still holds securities of American International Group Inc worth about $81 million as of September 15, sees an impairment charge of about $50 million from securities related to the mortgage giants Fannie Mae and Freddie Mac.
Cincinnati said it had sold most of the $24 million of Lehman preferred stock and debt securities held at June 30, and expects to take a related charge of $9 million in third quarter.
United Fire & Casualty Co. (UFCS) projected up to $20 million in third-quarter pretax losses from hurricanes Gustav and Ike and added a default by Lehman Brothers Holdings Inc. (LEHMQ) would cut earnings by another $4 million.
Standard & Poor's Ratings Services it has lowered its outlook on Selective Insurance Group Inc. and its subsidiaries to negative from stable, citing concerns that recent profitability has not been as strong as the ratings agency expected at the current rating level, as well as the decline in capital adequacy since the end of 2006 and relative to peers.