A.M. Best Affirms Safeco Ratings
NU Online News Service, Dec. 17, 2:29 p.m. EST?
The ratings affirmed by A.M. Best include an "A" financial strength rating as well as a "triple-B-plus" existing senior debt ratings and a "triple-B" capital securities rating. A.M. Best has also affirmed indicative ratings for the remaining $275 million under Safeco's shelf registration. All Safeco ratings now have a "stable" outlook.
In its announcement, the Oldwick, N.J.-based agency noted several positive developments taking place at the Seattle-based insurer, including the management's decisions to implement aggressive rate hikes, tighten underwriting guidelines and adopt broader market segmentation of personal auto products to price more accurately.
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