The “BBBpi” FSR on Statewide Insurance Co. (IL) (Statewide) was lowered to “BBpi” by S&P. The rating action was based on Statewide’s declining surplus level, marginal operating performance, rapid premium growth and reserve development volatility. Illinois-based Statewide is licensed in 25 states and mainly writes commercial multi-peril, surety bonds, workers’ comp and commercial auto. As a result of construction defect-related exposures, the company suspended writing property coverage in Nevada. Its major states of operations are Illinois, Arizona and Missouri.
Was this article valuable?
Here are more articles you may enjoy.
USAA to Lay Off 220 Employees 
Survey Shows Majority of Florida, California Homeowners Seeing Higher Insurance Costs 
Why New York’s Attorney General Objects to Trump’s Bond Insurer 
Dubai Floods Expose Weaknesses to a Rapidly Changing Climate From This Issue
