Erie Insurance Property & Casualty Rtd 'AApi' by S&P.NEW YORK--(BUSINESS WIRE)--Standard & Poor's CreditWire 8/4/98--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-'Api' 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 Erie Insurance Property & Casualty Co. Erie Property & Casualty is licensed in Pennsylvania and West Virginia West Virginia, E central state of the United States. It is bordered by Pennsylvania and Maryland (N), Virginia (E and S), and Kentucky and, across the Ohio R., Ohio (W). Facts and Figures Area, 24,181 sq mi (62,629 sq km). Pop. . The company is a member of Erie Insurance Group Erie Insurance Group, (NASDAQ: ERIE) is a multi-line insurance company, offering auto, home, commercial and life insurance through a network of independent insurance agents. , a large insurance group. Erie Insurance & Property commenced operations in 1993. The principle state in which it operates is West Virginia. Below is a summary of the analysis that resulted in a rating of double-'Api'. -- 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, Erie Insurance Exchange, the company has been assigned the double-'Api' 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 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
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