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.
Most Are Overcharged for Property Insurance, Vanderbilt Study Says 
New York State Has Budget Deal That Includes Auto Insurance Reforms: Gov. Hochul 
South Florida Police Officers Sue Actors, Say Details in ‘The Rip’ Are Too Real 
Florida Surplus Lines’ HO Premiums Now Average About the Same as Admitted Market From This Issue
