Standard & Poor’s has placed its single-‘A’ counterparty credit and financial strength ratings of Star Insurance Co. and its wholly owned subsidiary, Savers Property & Casualty Insurance Co.—collectively known as Meadowbrook Insurance Group—on CreditWatch with negative implications.
This rating action follows Meadowbrook’s announcement on Feb. 15, 2001, that its year-end 2000 net operating loss was $17.8 million, which is greater than S&P had expected. Within the next week or so, Standard & Poor’s will review the ratings and evaluate very closely various company actions—such as rate increases and capital raising initiatives—that could positively affect the profitability of current programs, overall reserve position, and capital adequacy in the near term.
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