Standard & Poor’s Ratings Services affirmed its “BBBpi” counterparty credit and financial strength ratings on Employers Mutual Casualty Co. and related pool members.
S&P also raised its counterparty credit and financial strength ratings on EMC Reinsurance Co. to “BBBpi” from “BBpi.”
The ratings on Employers Mutual Casualty Co. and its pool members reflect the pool’s strong capitalization and well-diversified business, which are partly offset by a weak and volatile operating performance, according to S&P.
The ratings were raised to reflect the company’s good capitalization and operating performance, which are said to have improved markedly in the past few years. The evaluation of the company is on a stand-alone basis.
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