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.
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