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THIRTY-NINE INSURERS RECEIVE RATING CHANGE IN BEST'S NINE-MONTH REVIEW

 OLDWICK, N.J., Dec. 13 /PRNewswire/ -- A.M. Best Company's nine- month review of the property/casualty industry reported 39 insurers' ratings were changed and two companies were placed under review. Of the 39 changes, 21 were raised or upgraded, while four were lowered or downgraded. Four insurers received initial Best's Ratings, while three others were placed under some form of state supervision and one was placed in liquidation. Two insurers were placed "under review."
 Included within the rating changes was the Foremost Corporation Group, Grand Rapids, Mich., which had its Best's Rating of "A" (Excellent) upgraded to "A+" (Superior). A.M. Best cited a continued "strong operating performance" in its mobile home and recreational vehicle niche markets, as well as its manageable exposure to catastrophe losses for the rating upgrade.
 Also, two members of the Lawrence Insurance Group Inc., United Community Insurance Company and United Republic Reinsurance Company, received rating downgrades from "A-" (Excellent) to "B" (Good). Best said the downgrades reflect "continuing loss development ... on the pool's workers' compensation and personal automobile lines of business." Additional capital from a planned secondary offering also will not be available by year-end 1993, resulting in an expected third consecutive operating loss for the companies and a decline in policyholders' surplus.
 Other companies whose Best's Ratings were changed previously and announced earlier in the fourth quarter include the Penn Central Group, "A" (Excellent) to "A+" (Superior); and Community Mutual Insurance Company, which received an initial Best's letter rating of "A" (Excellent).
 In addition to rating changes, A.M. Best affirmed the ratings of the Allstate Insurance Group (property/casualty), "A-" (Excellent), and the CIGNA Insurance Group, also "A-," which were reported earlier this quarter.
 -0- 12/13/93
 /CONTACT: Rhonda J. Ruch of A.M. Best Company, 908-439-2200, Ext. 5684/


CO: ST: IN: INS SU: RTG

JG -- NY048 -- 3109 12/13/93 10:54 EST
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Publication:PR Newswire
Date:Dec 13, 1993
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