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.
Was this article valuable?
Here are more articles you may enjoy.
Relief But Questions on Agents’ Duties to Insureds After Florida Court Ruling 
CRC Group Signs Agreement to Acquire Euclid Transactional 
Cloudy Future for Bourbon Has Jim Beam Closing Distillery for a Year 
MAPFRE Accuses AAA of Violating Long-Time Exclusive Marketing Agreement From This Issue
