Milbank Affirmed

S&P’s affirmed its financial strength rating on Milbank Insurance Co., a stock company licensed in 22 states whose primary lines of business are private passenger auto and homeowners insurance. Milbank, a member of State Auto Group, receives 10 percent of a pool established through inter-affiliate arrangement with State Automobile Mutual Insurance Co. This arrangement was cited as being the basis for the company’s single- “Api” rating.