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Castle Insurance Co. Assigned 'Api' Rating by S&P.

NEW YORK--(BUSINESS WIRE)--Standard & Poor's CreditWire 9/4/98--Standard & Poor's today assigned its single-`Api' insurer financial strength rating to Castle Insurance Co.

The company is licensed in 14 states, and the principle state in which it operates is Michigan. The company commenced operations in 1964. It writes motorcycle policies and travel-related insurance. Castle participates in an interaffiliate pool with two affiliated companies. The pool members are affiliated with AAA Michigan/Wisconsin Inc., a member of the American Automobile Association, and provide insurance to its members. American Automobile Association is a leading automotive and travel service provider.

The company meets Standard & Poor's rating criteria for pool members, and therefore is assigned the single-`Api' rating of qualifying members of the Automobile Club Michigan 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

CONTACT: Jean Carberry, 212/208-5576

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Publication:Business Wire
Date:Sep 4, 1998
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