American Ambassador Casualty Rated 'BBBpi' by S&P.NEW YORK--(BUSINESS WIRE)-- Standard & Poor's CreditWire 8/25/98 - Standard & Poor's today assigned as·sign tr.v. as·signed, as·sign·ing, as·signs 1. To set apart for a particular purpose; designate: assigned a day for the inspection. 2. its triple-'Bpi' insurer An individual or company who, through a contractual agreement, undertakes to compensate specified losses, liability, or damages incurred by another individual. An insurer is frequently an insurance company and is also known as an underwriter. financial strength rating to American Ambassador Casualty Co. American Ambassador is licensed in 19 states. The principal state in which it operates is Illinois Illinois, river, United States Illinois, river, 273 mi (439 km) long, formed by the confluence of the Des Plaines and Kankakee rivers, NE Ill., and flowing SW to the Mississippi at Grafton, Ill. It is an important commercial and recreational waterway. . The company's major line of business is nonstandard non·stan·dard adj. 1. Varying from or not adhering to the standard: nonstandard lengths of board. 2. private passenger auto liability, and it is a member of the G R E Insurance Group, the U.S. segment of the Guardian Royal Exchange Group, a large international insurance organization based in the U.K. The company commenced operations in 1965. The following factor was incorporated in the rating of triple-'Bpi'. Because of explicit parental support, as evidenced by a reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. agreement whereby 100% of the company's business is assumed by its parent, Atlas Atlas, in Greek mythology Atlas (ăt`ləs), in Greek mythology, a Titan; son of Iapetus and Clymene and the brother of Prometheus. Assurance Co. of America, the company has been assigned the triple-'Bpi' rating of its parent. Ratings denoted with a 'pi' subscript (1) In word processing and scientific notation, a digit or symbol that appears below the line; for example, H2O, the symbol for water. Contrast with superscript. (2) In programming, a method for referencing data in a table. are insurer financial strength ratings based on an analysis of published financial information and additional information in the public domain. The ratings do not reflect in-depth meetings with an insurer's management nor do they incorporate material non-public information, and are therefore based on less comprehensive information than ratings without a 'pi' subscript. Pi ratings are reviewed annually based on a new year's financial statements, but may be reviewed on an interim basis if a major event that may affect an insurer's financial security occurs. The pi rating process covers U.S insurers to which Standard & Poor's previously assigned quantitative ('q') ratings, and may include information beyond that used to derive the previous quantitative-only ratings. 'pi' ratings are not modified with 'plus' or 'minus' designations, nor are they subject to potential CreditWatch listings, Standard & Poor's said. -- CreditWire
CONTACT: Jean Carberry, New York (1) 212-208-5576
Copyright 1998, Standard & Poor's Rating Services
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