The Kemper Insurance Companies said that Fitch has insufficient information to justify its downgrade of Kemper’s financial ratings.
David Mathis, Kemper chairman and chief executive officer noted that, unlike Moody’s, Standard and Poor’s and A.M. Best, Kemper does not have a formal ratings relationship with Fitch.
According to Mathis, Kemper didn’t meet with Fitch, and did not provide them with any insight into the company’s existing operations or its plans for the future. Mathis said he is not sure how Fitch came to their conclusion.
Mathis further pointed out that the ratings which currently have been assigned to Kemper by the rating agencies with whom the company meets on a regular basis – Moody’s, Standard and Poor’s and A.M. Best – are higher than the Fitch rating.
Illinois-based Kemper announced on Sept. 20 that it expects its pre-tax losses from the Sept. 11 terrorist attack to be $60 million to $80 million, net of reinsurance.
Mathis noted that Kemper will meet its obligations to policyholders with no difficulties.
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