The revised Credit Rating (rating) outlooks reflect the Group’s volatility in operating performance driven by continued underwriting losses in the personal auto book of business, which has deteriorated in recent years. The auto book’s loss ratio, which is considerably higher than the composite average, has been pressured by increased frequency and severity. Although business is diversified throughout
Partially offsetting these negative rating factors are the Group’s excellent risk-adjusted capitalization, local market knowledge and strong market presence as one of the leading personal lines insurance organizations in
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