Best's: P-C Downgrades Beat Upgrades
NU Online News Service, Nov. 5, 3:05 p.m. EST?For the third consecutive year, A.M. Best's downgrades in the property-casualty marketplace have outpaced upgrades despite the continued rate hardening, the insurance rater reported.
In a new study released this week, the Oldwick, N.J.-based ratings firm pointed out that during the 12-month period ended last July, it announced 188 downgrades in the p-c marketplace?representing some 10 percent of the total p-c ratings actions taken by Best during that time. In contrast, the firm upgraded only 57 p-c ratings during that period.
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