S&P affirms Atlantic Mutual

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. (collectively Atlantic Mutual).

The agency also said it affirmed its B+ surplus note rating on Atlantic Mutual Insurance Co.

The outlook is stable.

The rating reflects a new strategic alliance between Atlantic Mutual and an insurance company subsidiary of Countrywide Financial Corp. (A/stable), S&P said, adding that Atlantic Mutual should benefit from Countrywide's strong brand and national presence in the marketing of its personal lines business and its capitalization should be strengthened due to quota share reinsurance in which Countrywide will take part of the risk.

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