Electric Insurance's "A/Stable" Rating Affirmed by Standard & Poor's.Rating Reflects Company's Extremely Strong Capital Adequacy, Business Strategy, Operating Performance, and Management Team BEVERLY, Mass. -- Electric Insurance Company announced today that Standard & Poor's 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. its financial strength rating of "A/Stable". Electric Insurance is a national provider of auto, homeowners, condominium condominium In modern property law, individual ownership of one dwelling unit within a multidwelling building. Unit owners have undivided ownership interest in the land and those portions of the building shared in common. , and renters insurance. In addition, the company is a primary liability and worker's compensation 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. for General Electric Company. Standard & Poor's is a provider of independent credit ratings, indices, risk evaluation, investment research, and data. As the basis for the affirmed rating, Standard & Poor's highlighted Electric Insurance's: * extremely strong capital adequacy * long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. strategic business relationship with GE * strong personal lines operating performance * management team cultivated cultivated, n in herbal medicine, used to describe plants that are commercially farmed rather than collected from the wild. by the GE corporate culture "We are pleased that Standard & Poor's has affirmed our rating of A/Stable," said Marc Meiches, chief executive officer of Electric Insurance. "Their rating confirms our commercial and personal lines business strategy of providing value-added services A value-added service (VAS) is a telecommunications industry term for non-core services or, in short, all services beyond standard voice calls and fax transmissions. at a cost savings to our customers. The rating validates for our customers, independent agents, and reinsurers that we are a strong company with which to work and that we will be able to meet our policyholder Policyholder An individual who owns an insurance policy. obligations." About Electric Insurance Company Electric Insurance Company is a national, premier provider of personal lines insurance products offered at competitive rates and with outstanding customer service. The company has been serving consumers for 42 years, and has credit ratings of "A (Excellent)" from A.M. Best and "A/Strong" from Standard & Poor's. 98% of Electric Insurance Company's policyholders, who responded to the company's 2007 satisfaction surveys and had a claim with the company, said they'd renew their policy with Electric Insurance Company based on their claim experience. Electric Insurance's products are available to general consumers, and to GE employees, retirees, and their family and friends through the company's Customer Contact Center at 1-800-227-2757, website www.electricinsurance.com, and through select independent agents. |
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