S&P affirms Arrowhead

Standard & Poor's said it affirmed Arrowhead General Insurance Agency Inc.'s counterparty credit rating at B-, its first-lien senior secured bank loan and first-lien revolving credit facility at B- with a recovery rating of 3 and its second-lien secured debt at CCC with a recovery rating of 6.

The outlook is negative.

The agency said declining premium rates in the property/casualty industry, some carrier disruption and the current recessionary economic environment have hurt Arrowhead's results. The company reported a net loss of $2.7 million for the first quarter.

The company has taken a number of corrective actions in 2009, but S&P expects that Arrowhead's full-year 2009 revenue will be lower than in 2008 and that the company will report a moderate net loss for the year.

The ratings have been withdrawn at the request of Arrowhead management.

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