A.M. Best Co. has affirmed the financial strength rating of A- (Excellent) and issuer credit rating of “a-” of St. Louis, Mo.-based Lyndon Property Insurance Company (Lyndon Property). The outlook for both ratings is negative.
Best said the ratings reflect Lyndon Property’s good capitalization, historically favorable operating performance in its core business of vehicle service contracts and the explicit and implicit support provided by its parent, Protective Life Corporation (Protective) of Birmingham, Ala., and its other subsidiary companies.
These positive rating factors are offset by challenges in Lyndon Property’s discontinued lines of business, now in run off.
The outlook for Lyndon Property reflects the outlook of Protective, which is negative due to concerns regarding Protective’s financial flexibility, potential future investment losses and the challenges to its sales growth given the unfavorable economic environment.
Source: A.M. Best
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