S&P puts Arrowhead on watch

Standard & Poor's said it placed its B- counterparty credit rating on Arrowhead General Insurance Agency Inc. on CreditWatch with negative implications following the delay by Arrowhead in filing its full-year 2008 audited financial statements with the agency.

S&P noted that Arrowhead was hurt in 2008 by declining property/casualty premium rates, some carrier disruption and more restrictive bank loan covenants and is engaged in discussions with its lenders regarding a potential restructuring of its debt obligations.

The agency expects to resolve the CreditWatch within 30 days.

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