Atlas Assurance Co. of America Asgnd BBBpi Rtg by S&P.NEW YORK--(BUSINESS WIRE)--Standard & Poor's CreditWire 10/1/98-- Standard & Poor's today assigned its triple-'Bpi' insurer financial strength rating to 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. Atlas Assurance is licensed in 50 states. The company's major line of business is commercial multiple peril The designated contingency, risk, or hazard against which an insured seeks to protect himself or herself when purchasing a policy of insurance. Among the various types of perils for which insurance coverage is available are fire, theft, illness, and death. PERIL. . American Atlas 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 UK. The company commenced operations in 1886. The following factors were incorporated in the rating of triple-'Bpi'. -- Capitalization capitalization n. 1) the act of counting anticipated earnings and expenses as capital assets (property, equipment, fixtures) for accounting purposes. 2) the amount of anticipated net earnings which hypothetically can be used for conversion into capital assets. is extremely strong, as indicated by Standard & Poor's capital adequacy ratio Capital adequacy ratio (CAR), also called Capital to Risk (Weighted) Assets Ratio (CRAR)[], is a ratio of a bank's capital to its risk. National regulators track a bank's CAR to ensure that it can absorb a reasonable amount of loss. of 269.2%; -- Liquidity is satisfactory, as indicated by Standard & Poor's liquidity ratio of 126.2%; -- The company has a history of volatility in net premiums written; and -- Profitability is weak, return on revenue was negative 0.1% in 1997. Pi 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 an insurer's published financial information and additional information in the public domain. They do not reflect in-depth meetings with an insurer's management 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 the insurer's financial security occurs. Ratings with a pi subscript are not subject to potential CreditWatch listings. Ratings with a pi subscript generally are not modified with 'plus' or 'minus' designations. However, such designations may be assigned when the insurer's financial strength rating is constrained con·strain tr.v. con·strained, con·strain·ing, con·strains 1. To compel by physical, moral, or circumstantial force; oblige: felt constrained to object. See Synonyms at force. 2. by sovereign risk Sovereign Risk The risk that a foreign central bank will alter its foreign-exchange regulations thereby significantly reducing or completely nulling the value of foreign-exchange contracts. or the credit quality of a parent company or affiliated group, Standard & Poor's said. -- CreditWire |
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