A.M. Best Co. has downgraded the financial strength ratings and the issuer credit ratings of the key property-casualty insurance subsidiaries of The Hartford Financial Services Group, due to the strain placed on the subsidiaries by The Hartford's life operations.
The Oldwick, N.J.-based rating agency lowered the p-c subsidiaries' (called Hartford Insurance Pool) FSR to "A" with a stable outlook from "A-plus," and lowered the ICR to "a-plus" with a negative outlook from "aa-minus".
The ICR of The Hartford also was lowered to "bbb-plus" with a negative outlook from "a-minus." Additionally, the FSR of three key Hartford life and health subsidiaries (collectively called Hartford Life) were lowered to "A" from "A-plus," and the ICR to "a-plus" from "aa-minus".
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