S&P Withdraws American West Insurance Co. 'A+' Rtgs.Business Editors NEW YORK--(BUSINESS WIRE)--Standard & Poor's April 23, 2001--Standard & Poor's today withdrew its single-'A'-plus counterparty Counterparty The other participant, including intermediaries, in a swap or contract. credit and financial strength ratings on American West Insurance Co., which was formerly 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 Tri-State Insurance Co. of Minnesota and member of W.R. Berkley Corp.'s Regional Insurance Cos. segment (single-'A'-plus counterparty credit and financial strength ratings). American West Insurance Co. was sold to Nodak Mutual Insurance Co. (single-'Bpi' financial strength rating) on March 31, 2001. Prior to the sale, all of American West Insurance Co.'s policyholder Policyholder An individual who owns an insurance policy. liabilities were reinsured by Tri State (hardware) tri state - A feature of some digital electronic devices which allows a connector (pin) to either act as a normal output, driving a signal onto a line, or to be "tri stated" - set to a high-impedance ("high Z") condition. Insurance Co. of MN. With the sale completed, Standard & Poor's has withdrawn the ratings at the company's request. -- CreditWire. |
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