Sable Insurance Company received an “R” FSR from S&P.
The company was placed into conservation in May by the California Department of Insurance, relating to an insolvency of more than $12.9 million. A subsidiary of Reliance National Indemnity Co. and a member of Reliance Group Holdings Inc., Sable underwrote workers’ compensation and commercial lines primarily in California, with operations also in Nevada, Delaware, Pennsylvania, Maryland, Georgia, West Virginia, Illinois, Indiana, Missouri, Nebraska, Ohio and Montana.
S&P had lowered the senior debt and subordinated debt ratings for Reliance to “D” from “CC” after an announcement that Reliance missed principal payments due on a debt as a result of insufficient cash resources.
Was this article valuable?
Here are more articles you may enjoy.
Sources: US Treasury to Consult With Insurance Regulators on Private Credit Lenders 
Viewpoint: How Will the Middle East War Affect the Insurance Sector? 
Taylor Swift Sued for Trademark Infringement Over ‘Life of a Showgirl’ 
Giuliani Fails to Get $10 Million Sexual Harassment Suit in New York Dismissed From This Issue
