The FSRs on the Meadowbrook Insurance Group were downgraded from “A-” to “B++” and placed under review with developing implications by A.M. Best. The rating action is applicable to the three rating unit members of Meadowbrook Insurance Group: Star Insurance Co., Savers Property and Casualty Insurance Co. and Williamsburg National Insurance Co.; as well as Star Insurance Co.’s wholly owned subsidiary, AmeriTrust Insurance Co. A.M. Best cited the group’s continued weak operating results and diminished capital strength as factors for the downgrade.
Following Meadowbrook Insurance Group’s announcement of a year-end 2000 net operating loss of $17.8 million-higher than was anticipated by S&P-the “A” counterparty credit rating and FSR of Star Insurance Co. and its wholly owned subsidiary Savers Property & Casualty Insurance Co. were placed on CreditWatch with negative implications.
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