The “B++” FSR of Highlands Insurance Group Inc. was downgraded to “B” by A.M. Best, which also removed that rating from under review. Eleven members of the Highlands Insurance Group and an affiliated Lloyd’s organization are affected by the rating action. Cited as a major rating factor was a substantial loss reserve increase reported in the fourth quarter of 2000 (related primarily to the group’s commercial mutli-peril and workers’ comp lines of business) as well as the group’s marginal level of capitalization and continued poor operating results. Negative factors were partially offset by a strong local market presence.
Was this article valuable?
Here are more articles you may enjoy.
Munich Re Unit to Cut 1,000 Positions as AI Takes Over Jobs 
State Farm Adjuster’s Opinion Does Not Override Policy Exclusion in MS Sewage Backup 
Fla. Commissioner Offers Major Changes to Citizens’ Commercial Clearinghouse Plan 
Florida Regulators Crack the Whip on Auto Warranty Firm, Fake Certificates of Insurance From This Issue
