Following sharp reserve strengthening on the California contractors business of First Financial Insurance Co. (FFIC), its financial strength rating (FSR) was lowered from “Api” to “BBBpi” by Standard & Poor’s (S&P). The rating action is also applicable to The Burlington Ins. Co., a wholly owned affiliate. Licensed in 44 states and the District of Columbia, Burlington, N.C.-based FFIC writes mainly general liability on an occurrence basis and commercial multiperil with a focus on small business. It also writes on a non-admitted or surplus lines basis in seven states. More than three-quarters of the company’s total revenue is comprised of business in California, New York and Illinois.
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