The FSR on Peerless Insurance Co. and related pool members was raised from “BBpi” to “BBBpi” by S&P. In addition to Peerless, the rating action applies to Indiana Insurance Co., Consolidated Insurance Co., Excelsior Insurance Co., The Netherlands Insurance Co. and America First Insurance Co. However, another pool member, Atlas Assurance Co. of America, retained its “BBBpi” rating.
Peerless is a member of a group of affiliated insurers owned by LIH US P&C Corp. In separate rating actions on other members of this group, the “BBBpi” FSRs on Globe American Casualty Co., Midwestern Indemnity Co. and American Ambassador Casualty were affirmed by S&P based on reinsurance treaties reached between the individual companies and Atlas Assurance Co. of America.
All outstanding shares of LIH US are owned by Liberty Insurance Holdings Inc., of which in turn all outstanding shares were purchased by Liberty Mutual Insurance Co. last year.
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