The “BBBpi” FSR on Statewide Insurance Co. (IL) 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 Arizona Illinois and Missouri.
Was this article valuable?
Here are more articles you may enjoy.
Miami Moves to Seize Part of Posh Island After Fuel Fight 
Trump Scraps Ocean Sensors Providing Crucial Data on Climate, Flooding 
DeSantis Plan to Cut Florida Property Taxes Heads to Ballot—With Schools Removed 
Georgia Brokers and Agents Alarmed After Court Ruling Expands Liability for Them From This Issue
