Pacific Specialty Insurance Co. had its counterparty credit and FSR changed by Standard & Poor’s (S&P) from “Bpi” to “BBpi.”
The rating move reflects Pacific Specialty’s better capitalization, favorable loss reserve development, and continued positive operating results, somewhat offset by volatility in its premium revenues growth and large geographic focus.
The Menlo Park, Calif.-based company primarily writes homeowners multi-peril, private passenger auto, motorcycle and personal watercraft coverages, mainly through general agents. The company is licensed in 47 states along with the District of Columbia. More than 96 percent of the company’s direct business comes from California.
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