20th Century Insurance Company's rating upgraded; A.M. Best and Standard & Poor's cite corporate turnaround.WOODLAND HILLS, Calif.--(BUSINESS WIRE)--July 8, 1996--A.M. Best's rating Best's rating A rating A.M. Best Co. assigns to insurance companies based on the company's ability to meet its obligations to its policyholders. service has upgraded 20th Century Insurance Company's financial performance rating two grade levels to B+ (Very Good) in its most recent release of property/casualty insurance ratings issued June 24, 1996. The report cited reduced catastrophe exposure, improved capitalization and excellent profitability in 20th Century's core personal auto business as the reason for the upgrade. In May, Standard & Poor's also upgraded 20th Century's rating by eight levels to triple-`B'-plus from single-`B'-minus, removing the rating from CreditWatch. "We are gratified grat·i·fy tr.v. grat·i·fied, grat·i·fy·ing, grat·i·fies 1. To please or satisfy: His achievement gratified his father. See Synonyms at please. 2. that our success in restoring 20th Century's financial strength and profitability have been recognized," said President and Chief Executive Officer William L. Mellick. 20th Century Industries is the seventh largest publicly held personal automobile insurer in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . Founded in 1958, the company is traded on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the trading symbol Trading symbol See: Ticker symbol TW. The company's wholly owned subsidiaries Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , 20th Century Insurance Company and 21st Century Casualty Company, market personal automobile and excess liability insurance. Both insurance subsidiaries sell directly to consumers without agents. 20th Century Industries is headquartered at 6301 Owensmouth Avenue, Woodland Hills, Calif., 91367; 818/704-3514. CONTACT: 20th Century Insurance, Woodland Hills Rick Dinon/Ric Hill, 818/704-3595 or Fleishman-Hillard, Los Angeles Lillian Cloud/Richele Craveiro, 213/629-4974 |
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