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Bay State Insurance Co. Assigned 'Api' Rating by S&P.

NEW YORK--(BUSINESS WIRE)-- Standard & Poor's CreditWire 10/30/98 - Standard & Poor's today assigned its single-'Api' (Strong) insurer financial strength rating to Bay State Insurance Co.

Bay State Insurance is licensed in 18 states, and commenced operations in 1955. The company's major line of business is homeowners multiple peril. Bay State Insurance is a member of Andover group, a large insurance group that writes primarily homeowners and commercial multiple peril business in the northeastern U.S. The company participates in an interaffiliate pool with two other group companies.

The company meets Standard & Poor's rating criteria for pool members, and therefore is assigned the single-'Api' rating of qualifying members of the Andover Pool.

`Pi' ratings, denoted with a pi subscript, are insurer financial strength ratings based on an analysis of an insurer's published financial information and additional information in the public domain. They do not reflect in-depth meetings with an insurer's management 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 the insurer's financial security occurs. Ratings with a pi subscript are not subject to potential CreditWatch listings.

Ratings with a pi subscript generally are not modified with 'plus' or 'minus' designations. However, such designations may be assigned when the insurer's financial strength rating is constrained by sovereign risk or the credit quality of a parent company or affiliated group, Standard & Poor's said. -- CreditWire
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Publication:Business Wire
Date:Oct 30, 1998
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