NU Online News Service, Jan. 16, 2:37 p.m. EST
A.M. Best has downgraded specialty insurer BancInsure Inc.'s B-plus-plus financial strength rating to B with a negative outlook due to "marked deterioration in BancInsure's operating performance after the initial impact of the recession and financial market downturn in 2008."
In the past three years, the Oklahoma City, Okla.-headquartered insurer has reported "unfavorable underwriting results" because of "adverse developments in the financial-institution industry, directors and officers liability and the non-financial-institution workers' compensation lines of business." All have contributed to large net losses in the past three years, Best notes.
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