S&P affirms Atlantic Mutual, units

Standard & Poor's said it affirmed its BB+ counterparty credit and financial strength ratings on Atlantic Mutual Insurance Co., Centennial Insurance Co. and Atlantic Lloyds Insurance Co. of Texas.

S&P also affirmed its B+ surplus note rating on Atlantic Mutual Insurance Co. The outlook is stable.

S&P said the ratings are based on the less diversified business position of the group following its exit from commercial lines, a substantial decline in surplus, uncertainty regarding the adequacy of reserves for the discontinued commercial lines business, low interest coverage prospectively and minimal financial flexibility.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.