Insurance rating service A.B. Best Co. revised the outlook for GMAC Insurance Group to negative on worries that losses suffered by the auto manufacturer's parent could affect the insurer.
The Oldwick, N.J.-based rater reaffirmed the "A-minus" (excellent) financial strength rating for the insurer, but revised the outlook from stable to negative out of concern with risks in GMAC's Residential Capital LLC.
Residential Capital is a mortgage lender, and the volatility in the housing market sector has weakened GMAC's capitalization, liquidity and profitability, Best said.
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
