S&P revised its outlook on American Fire & Casualty Co., Ohio Casualty Insurance Co., Ohio Security Insurance Co., and West American Insurance Co., which make up the Ohio Casualty Insurance Co. Intercompany Pool (OCIP), to stable from negative. S&P also revised its outlook on Ohio Casualty Corp., OCIP’s parent holding company, to stable from negative. At the same time, S&P affirmed its “BBB” counterparty credit and financial strength ratings on OCIP and its “BB” counterparty credit rating on Ohio Casualty.
The revised outlook reflects Ohio Casualty’s improving capitalization, decreasing expense ratio, and improving operating performance. S&P expects management will continue to make steady progress toward underwriting profitability. Under a new management team in 2001, OCIP initiated a strategic plan to address unprofitable segments, particularly in personal lines, and re-underwrite the group’s book of business. S&P considers the company’s approach to be a measured, conservative, long-term road map to underwriting profitability.
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