A.M. Best Downgrades Ratings of Cincinnati Equitable Insurance Company.OLDWICK, N.J. -- A.M. Best Co. has downgraded the financial strength rating (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. ) to B+ (Good) from B++ (Good) and the 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. ) to "bbb-" from "bbb+" for Cincinnati Equitable Insurance Company (Cincinnati Equitable) (Cincinnati, OH). A.M. Best also has affirmed af·firm v. af·firmed, af·firm·ing, af·firms v.tr. 1. To declare positively or firmly; maintain to be true. 2. To support or uphold the validity of; confirm. v.intr. the FSR of B+ (Good) and the ICR of "bbb-" of Southern Michigan Southern Michigan is a region in the Lower Peninsula of the U.S. state of Michigan. It is a region of rolling farmland and scattered urban centers. Southern Michigan is commonly considered to be the area west of the Southeast Michigan area and east of Battle Creek, consisting of Insurance Company (Southern Michigan) (Marshall, MI). The outlook for these ratings is stable. Concurrently, A.M. Best has withdrawn the FSR of B++ (Good) and the ICR of "bbb+" and assigned a category NR-5 (Not Formally Followed) to Cincinnati Equitable Companies (Cincinnati, OH). A.M. Best also has withdrawn the FSR of B+ (Good) and the ICR of "bbb-" and assigned a category NR-5 (Not Formally Followed) to Lakeland Insurance Company (Lakeland) (Erie, PA). The rating actions for Cincinnati Equitable follow the announcement that effective January 1, 2008, the company is now a wholly owned subsidiary 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. of Cincinnati Equitable Life Equitable Life may refer to:
The rating actions for Southern Michigan recognize its continued run-off status and contemplate that the company's risk-adjusted capitalization will continue to be sufficient as Southern Michigan's small number of outstanding claims is settled. The company completed its non-renewal of policies in 2006. The rating actions for Lakeland follow its dissolution effective January 1, 2008. The company has transferred all assets and liabilities to Cincinnati Equitable and has surrendered its certificate of authority to the state of Pennsylvania. For Best's Ratings 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. , an overview of the rating process and rating methodologies, please visit www.ambest.com/ratings. Founded in 1899, A.M. Best Company is a global full-service credit rating organization dedicated to serving the financial and health care service industries, including insurance companies, banks, hospitals and health care system providers. For more information, visit www.ambest.com. |
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