Standard & Poor’s (S&P) affirmed its “AA” counterparty credit rating FSR on Attorney’s Liability Assurance Society (Bermuda) Ltd. and Attorney’s Liability Assurance Society Inc. Risk Retention Group (collectively known as ALAS). The outlook is revised to stable from negative.
The rating was based on ALAS’ continuing dominant position in its market niche of large, high-profile law firms, with a five-year historical retention ratio of 97 percent.
For the remainder of the year, S&P expects ALAS to have a loss ratio of 80 to 90 percent and a combined ratio of 125 to 135 percent (including dividends). Modest top-line growth and the continuation of very high retention rates are expected, and capital is expected to remain extremely strong.
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