NU Online News Service, March 12, 12:00 p.m.EST
|A.M. Best issued downgrades for three insurers last week, citingcatastrophe losses as an impediment to profitability.
|The Oldwick, N.J.-based insurance-rating service took thefollowing ratings actions:
- Pennsylvania Lumbermens Mutual Insurance Co. rating was lowered from “A” to “A-.” Theoutlook was revised to stable from negative.
- Kentucky Farm Bureau Mutual Insurance Co. rating was lowered from “A+” to “A.” Theoutlook was revised to stable from negative.
- Millers First Insurance Co. and its subsidiary MillersClassified Insurance Company were downgraded from “B to “C++.” The outlook wasrevised to negative from stable.
Best says the insurers are taking efforts to improve theirearnings, but additional downgrades are possible if they are unableto turn a profit or if they experience deeper losses on theirreserves.
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