The “Api” financial strength rating on San Diego-based Wawanesa Mutual Insurance Co. (U.S. branch) was affirmed by S&P. Key factors in the rating action include the company’s strong capital position and excellent profitability, which were partially offset by volatility in premium growth and high geographic concentration. The company, whose major line of business is personal automobile insurance, is licensed only in California. Its parent company is Wawanesa Mutual Insurance Co. of Winnipeg, Manitoba. However, the rating does not include additional credit for implied group support.
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