S&P revised its outlook on Ohio Casualty Corp. and the members of the Ohio Casualty Ins. Co. Intercompany Pool to positive from stable.
S&P also affirmed its “BBB” counterparty credit and financial strength ratings on the members of OCIP–American Fire & Casualty Co., Ohio Casualty Insurance Co., Ohio Security Insurance Co. and West American Insurance Co. In addition, S&P affirmed its “BB” counterparty credit rating on Ohio Casualty Corp.
According to S&P, the positive outlook reflects the companies’ strong capitalization and improving operating performance because of expense-reduction initiatives and continued loss control. Offsetting the improvement in capitalization and operating results is an expense ratio that continues to trail that of the group’s peers and a lack of consistent underwriting and bottom-line profitability.
S&P expects the management to continue to command steady progress toward underwriting profitability and OCIP is expected to achieve it in 2005. Any reserve development is expected to be modest–within 5 percent of stated reserves–and capitalization is expected to remain very strong.
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