Standard & Poor’s (S&P) took rating actions on three Irvine-based stock companies.
The “BBpi” financial strength rating on Irvine-based Developers Insurance Company (DICO) was affirmed by S&P. The major line of business for DICO is surety, and the company, licensed in 13 states, is also a member of the INSCO-Dico Group, a small insurance group with 1998 surplus of $20 million. DICO’s rating is limited by the group rating.
Another member of the INSCO-Dico Group, Developers Surety & Indemnity Co. (Developers), was assigned a “BBpi” financial strength rating. Developers is a wholly owned and reinsured subsidiary of DICO and, as such, was assigned its parent’s rating.
The financial strength rating on Indemnity Co. of CA (ICC), was lowered from “BBBpi” to “BBpi.” Approximately 80 percent of the company’s business (writing surety bonds for contracts, subdivisions,
and license & permits) is in the states of California, Washington and Oregon. While the company is a member of INSCO-Dico Group, additional credit for implied group support is not included in the rating.
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