S&P: Affirmative Insurance view negative

Standard & Poor's said it affirmed the BB counterparty credit and financial strength ratings on Affirmative Insurance Co. and its subsidiary Insura Property & Casualty Insurance Co.

S&P affirmed the B counterparty credit rating on Affirmative Insurance Holdings Inc.

The outlook was revised to negative from stable.

According to the agency, the outlook revision reflects the view that Affirmative will continue to face challenges such as increasing competition, low barriers to entry and a cyclical nature.

Partially mitigating the weaknesses is an experienced management team, the agency said.

As of the first half, the company's leverage ratio was 3.73 times.

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