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.
Drivers of Mercedes AMG Cars File Class Action Over Burn Hazard From Logo on Seat 
AI’s Volatile Power Demand Is Damaging Its Own Data Centers 
Taylor Farms, Taco Bell Face Multiple Lawsuits Over Cyclospora Outbreak 
Delta Probing Unauthorized Wi-Fi on Flight After Hacker Event From This Issue
