A.M. Best Downgrades Credit Ratings of California Casualty Group Members - InsuranceNewsNet

InsuranceNewsNet

Sign in
  • Subscribe
  • About
  • Advertise
  • Contact
Home Now reading newswires
Topics
  • Life Insurance
  • Annuity News
  • Health/Employee Benefits
  • Property & Casualty
  • Advisor News
  • Washington Wire
  • Fiduciary Rule
  • INN Exclusives
  • Newswires
  • INNsider
  • INN Exclusives
  • NewsWires
  • Magazine
Sign in or register to be an INNsider.
  • INN Exclusives
  • NewsWires
  • ★ Regulation News
  • Podcast
  • Magazine
  • About
  • Advertise
  • Editorial Staff
  • Contact
  • Susbcribe

Get Social

  • Facebook
  • Twitter
  • LinkedIn
  • Google+
Insider
newswires
newswires RSS Get our newsletter
Order Prints Share
June 4, 2018 newswires No comments Views: 28

A.M. Best Downgrades Credit Ratings of California Casualty Group Members

Business Wire

OLDWICK, N.J.--(BUSINESS WIRE)-- A.M. Best has downgraded the Financial Strength Rating (FSR) to B++ (Good) from A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) to “bbb+” from “a-” of The California Casualty Indemnity Exchange (San Mateo, CA) and its wholly owned subsidiaries: California Casualty General Insurance Company of Oregon (Portland, OR), California Casualty & Fire Insurance Company (San Mateo, CA) and California Casualty Insurance Company (Portland, OR). All of these companies comprise California Casualty Group (California Casualty). The outlook for the FSR has been revised to stable from negative, while the outlook for the Long Term ICR remains negative.

The ratings reflect California Casualty’s balance sheet strength, which A.M. Best categorizes as very strong, as well as its marginal operating performance, neutral business profile and marginal enterprise risk management.

California Casualty’s ratings are supported by the group’s solid level of capitalization. The ratings also reflect the benefits derived from California Casualty's extensive affiliations with various affinity trade groups that have provided it with a stable and mature policyholder base and excellent business persistency. Offsetting these factors is pressure on the operating performance from several years of adverse trends in underwriting results. While the core underwriting performance has been improving in recent years, the actual results still trail industry averages. While capital is currently well supportive on a risk-adjusted basis, certain balance sheet measures also are deteriorating as a product of operating performance declines.

Negative rating actions could occur with further degrading of the operating results, additional contraction in policyholder’s surplus, or strategic initiatives failing to improve underwriting performance.

This press release relates to Credit Ratings that have been published on A.M. Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and A.M. Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and A.M. Best Rating Action Press Releases.

A.M. Best is the world’s oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.

Copyright © 2018 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

####

View source version on businesswire.com: https://www.businesswire.com/news/home/20180604006205/en/

A.M. Best

Samiksha Gupta

Financial Analyst

+1 908 439 2200, ext. 5658

[email protected]

or

Robert Raber

Associate Director

+1 908 439 2200, ext. 5696

[email protected]

or

Christopher Sharkey

Manager, Public Relations

+1 908 439 2200, ext. 5159

[email protected]

or

Jim Peavy

Director, Public Relations

+1 908 439 2200, ext. 5644

[email protected]

Source: A.M. Best

Older

New Jersey primary election 2018: Voters guide

Newer

CIRI Announces Denis Jasmin as New Board Chair and Elects New Directors

Advisor News

  • Going Broke Remains Top Concern In Retirement: CPA Survey
  • More Than 1 In 4 Americans Would Consider Divorce Over A Financial Secret
  • Financial Advisors Can Do Some ‘Life Coaching’
  • Commonwealth Financial Network Licenses Its 360° Software To MassMutual
  • The Way We’ve Always Done It Won’t Work With Millennials
More Advisor News

Annuity News

  • Securian Financial Posts Solid 2018
  • SEC Extends Comment Period For Proposed Rules On VA And Variable Life Disclosures
  • ‘Dream House’ Raffle Winner Choice: Historic California Home Or $5M Annuity?
  • RGA Announces Longevity Transaction With Manulife
  • Jackson National Inks Deal To Distribute Annuities To RIAs
More Annuity News

Health/Employee Benefits

  • Insurance Networks, Doctor Referrals Don’t Always Offer Full Picture
  • What Medicare For All Might Look Like If It Really Happened
  • Furloughed Workers Withdrew From Retirement Funds: Study
  • Democrats Roll Out Bill To Let Americans Buy Into Medicare At 50
  • Survey Finds Health Plans Are Struggling With Value-Based Reimbursement
More Health/Employee Benefits

Life Insurance

  • Securian Financial Posts Solid 2018
  • Understanding The Benefits Of Whole Life Insurance
  • Allianz Life Reports Solid 2018 Financial Results
  • Man Who Defraud Union In Life Insurance Scam Sentenced To Probation
  • SEC Extends Comment Period For Proposed Rules On VA And Variable Life Disclosures
Sponsor
More Life Insurance

Sign up for our FREE e-Newsletter!

Get breaking news, exclusive stories, and money- making insights straight into your inbox.
select Newsletter Options

Most Popular

  • Treading Carefully In An Uncapped FIA World
  • Two Words – ‘Keep It’ – At Core Of Elvis Memorabilia Case
  • Automation, Big Data Will Drive 2019 Insurance Trends
  • Genworth Stops Life, Annuity Sales, May Split
  • IMO Numbers Could Shrink by Up to 50 Percent

Featured Offers

Text Ads

Press ReleasesAll press releases

  • Great American’s Annuity Customers Share Their Secrets to a Great Retirement
  • Securian Financial Introduces Affordable, Protection-Focused IUL with No-Lapse Guarantee
  • TD Ameritrade Institutional Integrates with iPipeline to Automate New Account Opening
  • RFP R2019-78
  • Bunker Launches Live Certificates of Insurance, A Modern Solution to Insurance Fraud and Non-Compliance
Add your Press Release >

Topics

  • Life Insurance
  • Annuity News
  • Health/Employee Benefits
  • Property and Casualty News
  • Advisor News
  • Washington Wire
  • Regulation

Top Sections

  • INN Exclusives
  • INN Insider

Our Company

  • About
  • Editorial Staff
  • Advertise
  • Contact

Sign up for our FREE e-Newsletter!

Get breaking news, exclusive stories, and money- making insights straight into your inbox.

select Newsletter Options
Facebook Linkedin Twitter Google+
© 2019 InsuranceNewsNet.com, Inc. All rights reserved.
  • Terms & Conditions
  • Privacy Policy
  • Sitemap
  • AdvisorNews

Sign in with your INNsider Account

Not registered? Become an INNsider.