S&P may cut White Mountains

Standard & Poor's said it is keeping its BBB counterparty credit rating on White Mountains Insurance Group Ltd. on CreditWatch, where it was placed in February with negative implications.

The ratings on its affiliated companies, OneBeacon Insurance Group Ltd., OneBeacon U.S. Holdings Inc. and OneBeacon Insurance Group also remain on CreditWatch negative.

Although the company's consolidated first-quarter earnings will likely be lower than originally expected because of the storms in the Northeast that led to catastrophic losses, the agency said it expects a significant portion of these losses will be within its commercial lines and personal lines businesses.

S&P said it is keeping the ratings on CreditWatch negative until it completes discussions with management regarding changes to the company's business profile.

© 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.