Standard & Poor’s has placed its ‘BB+’ counterparty credit and financial strength ratings on the members of the Kemper Insurance Cos. Intercompany Pool on CreditWatch with negative implications because Kemper will reportedly be significantly challenged to meet Standard & Poor’s expectations in terms of earnings, capital adequacy, and future interest payments on the surplus notes.
Standard & Poor’s also said that it placed on CreditWatch negative its surplus notes rating on Lumbermens Mutual Casualty Co. and lowered it to ‘CCC’ from ‘B+’.
“Standard & Poor’s expects to resolve the CreditWatch status of the ratings following its evaluation of year-end 2002 statements and receipt of additional information,” Standard & Poor’s credit analyst Frederic Sklow commented.
Was this article valuable?
Here are more articles you may enjoy.
A Landmark Supreme Court Ruling Is Upending How America Moves Its Goods 
Former Virginia Insurance Agent Pleads Guilty to Fraud 
11 New Firms Join Insurance Journal’s Top 100 Independent Agencies 
Four Patients Affected, One Paralyzed, After Drug Mix-Up at Nashville Hospital 
