S&P affirmed its “BBBpi” counterparty credit and financial strength ratings on National Lloyds Insurance Co. Also, it raised its counterparty credit and financial strength ratings on American Summit Insurance Co. to “BBBpi” from “BBpi.”
According to S&P, the ratings reflect a very strong capitalization, extremely strong operating performance, and good liquidity, partially offset by very high geographic concentration. The ratings on American Summit were apparently raised to reflect its position within the group in addition to its extremely strong capitalization and earnings on a stand-alone basis.
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