Interboro Mutual Indemnity Gets Bad Grade from S&P After Entering Rehabilitation

October 19, 2004

Standard & Poor's Ratings Services has assigned its 'R' financial strength rating to Interboro Mutual Indemnity Insurance Co. after the Supreme Court of the State of New York ordered the Superintendent of Insurance to take over as Rehabilitator.

Interboro Mutual is a 90-year-old property/casualty insurer based in Mineola, N.Y. It primarily wrote private passenger auto, homeowners, and general liability coverage.

It also wrote commercial auto and workers' compensation coverage, though at a much smaller scale.