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.
Topics Talent
Was this article valuable?
Here are more articles you may enjoy.
At-Bay to Be Acquired by Munich Re for $575 Million 
Hawaii Faces Rare Hurricane Strike as Storms Batter Indiana 
US Climate Prediction Center Sees 69% Chance of Historic El Niño 
Lindberg’s Right-Hand Man Sentenced to Two Years After Cooperating With Prosecutors 
