S&P Lowers Employers Security Ins Rtgs to 'CCCpi'.Business Editors NEW YORK--(BUSINESS WIRE)--Standard & Poor's Dec. 17, 2002--Standard & Poor's Ratings Services said today that it lowered its counterparty credit and financial strength ratings on Employers Security Insurance Co. (ESIC ESIC Earth Science Information Center ESIC Enterprise Social Investment Corporation (Enterprise Foundation, Columbia, MD) ESIC Electronic Sports Information Centre ) to 'CCCpi' from 'BBpi'. "This rating action was based on the company's poor operating performance, sharp decline in capitalization, high leverage, and continued geographic and product-line concentrations," said Standard & Poor's credit analyst Tom Taillon. ESIC, formed in 1992, writes primarily workers' compensation workers' compensation, payment by employers for some part of the cost of injuries, or in some cases of occupational diseases, received by employees in the course of their work. policies in Indiana, Illinois, Kentucky, and Missouri. Indiana, the company's home state, accounts for about 60% of its business. The company is a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Employers Security Holding Co. (ESHC ESHC Environment, Safety and Health Council (US DOE) ). ESHC is principally owned by a group of independent insurance agents located throughout Indiana. These same agents conduct the majority of the company's marketing efforts, with all appointed agencies having equity rights to the company. Complete ratings information is available to subscribers of RatingsDirect, Standard & Poor's Web-based credit analysis system, at www.ratingsdirect.com. All ratings affected by this rating action can be found on Standard & Poor's public Web site at www.standardandpoors.com; under Fixed Income in the left navigation bar A set of buttons or graphic images typically in a row or column used as a central point that link you to major topic sections on a Web site. If the navigation bar is a single graphic image with multiple selections, it is known as an imagemap. See imagemap. , select Credit Ratings Actions. Copyright 2002, Standard & Poor's Ratings Services |
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