Standard & Poor’s has placed its single-‘A’ counterparty credit and financial strength ratings on the members of property/casualty insurer Kemper Insurance Cos. Intercompany Pool on CreditWatch with negative implications following fourth-quarter developments which contributed to increased risk.
Standard & Poor’s also said the company’s $700 million surplus notes were placed on CreditWatch as well.
Members of the Illinois-based pool include Lumbermens Mutual Casualty Co., American Motorists Insurance Co., and American Manufacturers Mutual Insurance Co.
Standard & Poor’s expects to resolve the CreditWatch following an assessment of the companies’ operations, earnings, and capital profile. Discussions with management, anticipated for second-quarter 2002, should provide a clearer picture of the restructuring’s execution risk, the challenges associated with earning expectations, and the capital requirements for 2002.
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