CUMIS General Insurance Assigned BBpi Rtg by S&P.NEW YORK--(BUSINESS WIRE)--Standard & Poor's CreditWire 8/3/98-- 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 double-'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 CUMIS CUMIS Cambridge University Moving Image Studio (UK) General Insurance Co. The company is licensed in 15 states. CUMIS General Insurance's major line of business is private passenger auto liability, and it is a member of CUNA Cuna Chibchan-speaking Indian people who once occupied the central region of what is now Panama and the neighbouring San Blas Islands and who still survive in marginal areas. In the 16th century they lived in federated villages under chiefs who wielded considerable power. Mutual Group, which is a large insurance group with surplus in excess of $100 million. The company commenced operations in 1961, and the principle state in which it operates is Michigan Michigan (mĭsh`ĭgən), upper midwestern state of the United States. It consists of two peninsulas thrusting into the Great Lakes and has borders with Ohio and Indiana (S), Wisconsin (W), and the Canadian province of Ontario (N,E). . The following factors were incorporated in the double-'Bpi' rating: -0-
-- Capital adequacy as measured by Standard & Poor's capital
adequacy model is 286.6%, which is extremely strong;
-- The company has nearly doubled its surplus to $40.6 million in
1997 from $21.1 million in 1992;
-- The company has experienced cumulative operating losses and has a
weak current liquidity ratio. This combination is
uncharacteristic of secure-rated insurers; and
-- Although the company is a member of CUNA Mutual Group, Standard &
Poor's believes that this relationship is not a significant
rating factor.
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 nonpublic information Nonpublic information Information about a company that is not known by the general public, which will have a definite impact on the stock price when released. See: Insider trading. , 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: Ronald S Lettofsky, 212/208-1742
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