A.M. BEST UPGRADES ORION CAPITAL COMPANIES' POOLED RATINGS TO 'A'
NEW YORK, Sept. 27 /PRNewswire/ -- The Orion Capital Companies (NYSE: OC) announced today that it has been notified by A.M. Best Company that the ratings for the six companies in the Orion Capital pool have been raised from "A- (Excellent)" to "A (Excellent)." Among the reasons for the upgrade, Best cited Orion's "leadership position in profitable niche markets" and its "disciplined and targeted underwriting approach." Alan R. Gruber, Orion chairman and chief executive officer, said, "In a time of significant ratings downgrades in our industry, this recognition of our strong operating performance is particularly gratifying." The A.M. Best rating system assigns "A" ratings to insurers that have achieved excellent overall financial performance and have a strong ability to meet their policyholder and other contractual obligations over a long period of time. The improved ratings apply to six wholly owned units: Security Insurance Company of Hartford, Design Professionals Insurance Company, Employee Benefits Insurance Company, EBI Indemnity Company, The Fire and Casualty Insurance Company of Connecticut, and The Connecticut Indemnity Company. Orion Capital Corporation is engaged in the specialty property and casualty insurance business through various wholly owned insurance subsidiaries and through its 49.3 percent-ownership interest in Guaranty National Corporation. -0- 9/27/93 /CONTACT: Vincent T. Papa of Orion Capital, 212-332-8080, or Robert D. Siegfried or Leslie Uyeda of Kekst & Company, 212-593-2655/ (OC)
CO: Orion Capital Companies ST: New York IN: INS SU: RTG
LG-CK -- NY071 -- 5976 09/27/93 13:58 EDT
|Printer friendly Cite/link Email Feedback|
|Date:||Sep 27, 1993|
|Previous Article:||GTE FLORIDA AND GTE CALIFORNIA TO REDEEM DEBT ISSUES LISTED ON THE AMERICAN AND PACIFIC STOCK EXCHANGES|
|Next Article:||APPEALS COURT RULING FAVORABLE TO IMO IN SUIT WITH LILCO|