A.M. Best Affirms and Assigns Ratings to Capital City Insurance Company; Assigns Ratings to Capital City Holding Inc.OLDWICK, N.J. -- A.M. Best Co. has affirmed the financial strength rating of B++ (Good) and assigned an issuer credit rating (ICR (Intelligent Character Recognition or Image Character Recognition) The machine recognition of hand-printed characters as well as machine printing that is difficult to recognize. ) of "bbb+" to Capital City Insurance Company (Capital City). Concurrently, A.M. Best has assigned an ICR of "bb+" to the holding company of Capital City, Capital City Holding Inc. The outlook for all ratings is stable. Both companies are domiciled in Columbia, SC. The ratings reflect Capital City's improved capitalization, favorable reserve development patterns in recent years, prudent reserve levels at year-end 2006 and its niche market A niche market also known as a target market is a focused, targetable portion (subset) of a market sector. By definition, then, a business that focuses on a niche market is addressing a need for a product or service that is not being addressed by mainstream providers. presence as a commercial lines writer specializing in workers' compensation workers' compensation, payment by employers for some part of the cost of injuries, or in some cases of occupational diseases, received by employees in the course of their work. risks. Partially offsetting these positive rating factors are the fluctuations in risk-adjusted capitalization and operating performance reported within the last five years, and adverse loss reserve development that hindered operating performance in earlier years. Despite these offsetting factors, the outlook reflects both companies' improved operating performance over the last two years, which A.M. Best expects to be sustained over the near term given the initiatives implemented by management to address the issues that caused the earlier volatility in profitability measures. On May 14, 2007, North Pointe Holdings Corporation (Southfield, MI) (NPHC NPHC National Pan Hellenic Council NPHC North Phoenix Heart Center ) [NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : NPTE NPTE National Parliamentary Tournament of Excellence NPTE National Physical Therapy Examination (Federation of State Boards of Physical Therapy) ] announced a definitive agreement to purchase Capital City Holding Inc. and certain other affiliates for approximately $41 million. Although this transaction enhances the financial flexibility of Capital City--as North Pointe Holdings Corporation is a publicly traded company--Capital City's FSR (Free System Resource) In Windows 3.x, the amount of unused memory in various 64K blocks reserved for managing current applications. Every open window takes some space in this area. See Windows memory limitation. and ICR are unchanged by this transaction. For Best's Ratings, an overview of the rating process and rating methodologies, please visit www.ambest.com/ratings. Founded in 1899, A.M. Best Company is a full-service credit rating organization dedicated to serving the financial services industries, including the banking and insurance sectors. For more information, visit www.ambest.com. |
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