Standard & Poor’s has lowered its counterparty credit and financial strength ratings on ARI Mutual Insurance Co. (ARIM) and its affiliate, ARI Casualty Co. (ARIC), to ‘Bpi’ from ‘BBpi’. ARIC operates under a reinsurance pooling arrangement.
“The rating actions reflect the group’s very weak operating performance, low liquidity, high leverage, reinsurance recoverables, and agent’s balances relative to surplus,” Standard & Poor’s credit analyst Alan Koerber said.
Headquartered in Lawrenceville, N.J., the group writes mainly commercial auto liability, workers’ compensation, and auto physical damage in New Jersey. Its products are distributed primarily through independent agents and it is licensed in 11 states. An affiliated company, ARI Indemnity Co., is not active and is not rated.
Topics Casualty
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