Standard & Poor’s lowered its counterparty credit and financial strength ratings on U.S.-based reinsurer PMA Capital Insurance Co. (PMACIC) and regional primary writers Pennsylvania Manufacturers’ Assoc. Insurance Co., Pennsylvania Manufacturers Indemnity Co., and Manufacturers Alliance Insurance Co. (collectively, PMAIG) to “A-” from “A.” Simultaneously, the ratings were removed from CreditWatch negative, where they were placed on May 3, 2002.
S&P also issued its “BBB-” counterparty credit rating to the holding company, PMA Capital Corp. (PMACC), in addition to its preliminary “BBB-” senior debt, “BB+” subordinated debt, and “BB” preferred stock ratings on PMACC’s $250 million universal shelf, which was filed on July 18, 2002.
The outlook is negative, reflecting uncertainty related to PMACC’s execution of its capital raising initiatives as well as the expectation that earnings improvements will not materialize until 2003.
Was this article valuable?
Here are more articles you may enjoy.
Georgia Appeals Court Reverses $345M Judgment Against Insurers in School Sex Abuse 
Kyle Busch and Wife Settle Lawsuit With Pacific Life and Insurance Agent 
Chubb to Serve as Lead US Insurer for Gulf Shipping Amid Iran War 
Prices for New Cars Have Soared. Here’s One Big Reason Why From This Issue
