Lumber Mutual Revised to ‘R’

The FSR on Lumber Mutual Insurance Co. was revised from “BBBpi” to “R” by S&P. The rating action also applies to Lumber Mutual’s three affiliated pool members. Massachusetts Insurance Commissioner Linda Ruthardt recently filed a petition seeking an order of receivership with the objective of rehabilitation for Lumber Mutual and two affiliated pool members affected by the rating action, Seaco Insurance Co. and North American Lumber Insurance Co. While not under Ruthardt’s jurisdiction, Minnesota-domiciled Forest Products Insurance Exchange, was also assigned an “R” rating due to its participation as an affiliate pool member.