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.
Trump Scraps Ocean Sensors Providing Crucial Data on Climate, Flooding 
Natural-Disaster Insurance Gap Now Exceeds $420 Billion Globally 
DeSantis Plan to Cut Florida Property Taxes Heads to Ballot—With Schools Removed 
Travelers: Vendor Issues Over Half of Wedding Insurance Claims in 2025 From This Issue
