Standard & Poor’s has lowered its financial strength rating on American Compensation Insurance Co. (ACIC) to single-‘Bpi’ from triple-‘Bpi’ because for year-end 2001 and 2000, ACIC had a total net after-tax loss of nearly $30 million.
This loss weakened the company’s capital position to a level considered very weak by Standard & Poor’s. Surplus at year-end 2001 was $19.5 million, a significant fall from year-end 1999 surplus of $46.0 million.
ACIC is a stock company licensed in 23 states, with 90 percent of total revenue derived from Minnesota, Michigan, Colorado, Massachusetts, and Missouri. The company exclusively underwrites workers’ compensation coverage.
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