S&P’s assigned its “R” financial strength rating to Grange Mutual Insurance Co. (OR) (Grange Mutual) upon learning that the company filed for bankruptcy protection from the U.S. Bankruptcy Court for the District of Oregon. The company was granted permission from the bankruptcy court to terminate all of its policies, effective Oct. 1, 2002.
Grange Mutual is an exempt insurer in Oregon. Therefore, it does not belong to either of the state’s two guaranty funds, and the company’s policyholders are not eligible for protection from the funds. It commenced business in 1885 and is domiciled in Oregon. The company’s major lines of business included private passenger auto, auto physical damage, and homeowners insurance.
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