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