The “BBBpi” FSR on Statewide Insurance Co. (IL) (Statewide) was lowered to “BBpi” by S&P. The rating action was based on Statewide’s declining surplus level, marginal operating performance, rapid premium growth and reserve development volatility. Illinois-based Statewide is licensed in 25 states and mainly writes commercial multi-peril, surety bonds, workers’ comp and commercial auto. As a result of construction defect-related exposures, the company suspended writing property coverage in Nevada. Its major states of operations are Illinois, Arizona and Missouri.
Was this article valuable?
Here are more articles you may enjoy.
WTW to Acquire Newfront in Deal Worth Up to $1.3B 
Man Sentenced for Flashing Three Insurance Agencies in Georgia 
One of Highest Property Claims Severity Recorded in Q3 on Low Volume, Says Verisk 
Brookfield Targets Global Dominance in P/C Insurance Coverage From This Issue
