S&P: Atlantic Mutual Insurance off watch

Standard & Poor's said it removed its ratings on Atlantic Mutual Insurance Co. from CreditWatch negative and affirmed its B+ counterparty credit rating and CCC surplus notes rating on the company.

The outlook is negative.

S&P said that the company's ratings were lowered and placed on CreditWatch on March 2 due to material unexpected adverse loss reserve development in the fourth quarter of 2005.

The four factors affecting the resolution of the CreditWatch were the potential impact on the strategic alliance with Countrywide Financial Corp., whether the cause of loss reserve deterioration could be remedied, potential benefits from reinsurance and possible changes to surplus note interest paying capacity, the agency added.

© 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.