Moody's cuts Affirmative Insurance

Moody's Investors Service said it lowered the insurance financial strength ratings of Affirmative Insurance Co. and Insura Property and Casualty Insurance Co., both subsidiaries of Affirmative Insurance Holdings, Inc., to B3 from B1.

In the same action, Moody's lowered the corporate family rating of Affirmative to Ca from Caa2 and the senior secured credit rating of its bank credit facility to Ca from Caa2.

Moody's said the ratings remain under review for possible downgrade, pending the outcome of the company's plan to resolve a deficiency with a loss reserve requirement under the Illinois Insurance Code.

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