Kemper's Best Ratings Downgraded
NU Online News Service, June 11, 2:50 p.m. EDT?A.M. Best said it has downgraded its financial strength ratings for participants in the beleaguered Kemper Insurance Companies' intercompany pool, eight reinsured affiliates and one domestic affiliate to "D" (Poor) from "C-Double-Plus" (Marginal).
The Oldwick, N.J.-based ratings agency said the ratings downgrade comes after the announcement that Lumbermens Mutual Casualty Company, the lead company in the intercompany pool, is expecting its statutory surplus from last year to be substantially lower than currently stated when the year-end 2002 independent financial audit is completed.
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