Ratings for the California State Compensation Insurance Fund were placed on CreditWatch with negative implications by Standard & Poor’s on April 17.
The action was taken on SCIF’s “A” counterparty credit and financial trength ratings based on concerns over the gradual deteriration of the fund’s capital adequancy, a direct result of three consecutive years of net operating losses and rapid growth in written premiums in 2000.
S&P will be meeting with the fund’s management in the near future to discuss these concerns.
Was this article valuable?
Here are more articles you may enjoy.
New York Hospital Insurer Files for Bankruptcy, Citing Child Sex Abuse Claims 
Suspects in Louvre Heist in Custody After Week-Long Manhunt 
Hurricane Melissa Churns Toward Jamaica as Category 5 Storm 
CyberCube: Insured Loss Estimate From AWS Outage Likely About $40M 
