Standard & Poor’s has withdrawn its public information counterparty credit and financial strength ratings on various Pennsylvania-based Harleysville insurance operating companies after determining that there is not significant market interest in maintaining the rating opinion.
At the same time, Standard & Poor’s said that it affirmed its triple-‘B’-plus counterparty credit and senior debt ratings on Harleysville Group Inc., which is a 54 percent owned subsidiary of Harleysville Mutual Insurance Co. The outlook is stable.
“The ratings on the operating companies could be reinstated in the future if market interest warrants,” Standard & Poor’s credit analyst Darryl Brooks said.
HGI, a provider of insurance products and services for small businesses and individuals, is a holding company for nine regional property/casualty insurance companies operating in 32 eastern and midwestern states. The Harleysville organization is represented by about 1,900 local independent agencies.
Was this article valuable?
Here are more articles you may enjoy.
Aon Acquires USI Insurance From KKR in $17 Billion Deal Targeting Middle Market 
Private Credit Investors Clash Over £36 Billion BHP Dam Collapse Litigation 
Willis Towers Watson Accuses Lockton of ‘Smash and Grab’ of Construction Team 
Viewpoint: Reinsurance Market to Experience Further Softening, M&A on Ample Capacity 
