Both companies are wholly owned subsidiaries of their ultimate parent,
These ratings are based upon
ASIC and AAIC continue to maintain solid stand-alone capitalization, which has been enhanced by low underwriting and investment leverage as well as capital contributions from
Based on their group ratings, any future rating actions for ASIC and AAIC will likely be in accordance with any future rating actions on ABL.
Factors that may lead to negative rating actions on ASIC and AAIC could result from their continued sub-par operating results, further divergence in operating performance relative to ABL, a material deterioration in their stand-alone risk-adjusted capitalization and/ or any lessening of support (implied or explicit) provided by ABL. These ratings do not take into consideration potential losses from Hurricane Sandy, as estimates from this recent event are unavailable at this time.
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