S&P Affirms Eagle West Insurance Co. ‘Api’ Rtg

S&P Affirms Eagle West Insurance Co. ‘Api’ Rtg

NEW YORK–(BUSINESS WIRE)–Standard & Poor’s CreditWire–

Nov. 8, 1999–Standard & Poor’s today affirmed its single-‘Api’ financial strength rating on Eagle West Insurance Co.

Eagle West Insurance Co., licensed in Oregon, Montana, California, Nevada, and Arizona, operates principally in California. The company’s major lines of business are private passenger auto liability and homeowners multiple peril. It commenced operations in 1906.

The company is a member of California Insurance Group and participates in an inter-affiliate pool with California Capital Insurance Co. and Monterey Insurance Co.

The company meets Standard & Poor’s rating criteria for pool members and, therefore, is assigned the rating of qualifying members of the California Insurance Group’s pool.

‘Pi’ ratings, denoted with a ‘pi’ subscript, are insurer financial strength ratings based on an analysis of an insurer’s published financial information and additional information in the public domain. They do not reflect in-depth meetings with an insurer’s management and are therefore based on less comprehensive information than ratings without a ‘pi’ subscript. ‘Pi’ ratings are reviewed annually based on a new year’s financial statements, but may be reviewed on an interim basis if a major event that may affect the insurer’s financial security occurs. Ratings with a ‘pi’ subscript are not subject to potential CreditWatch listings.

Ratings with a ‘pi’ subscript generally are not modified with ‘plus’ or ‘minus’ designations. However, such designations may be assigned when the insurer’s financial strength rating is constrained by sovereign risk or the credit quality of a parent company or affiliated group, Standard & Poor’s said. — CreditWire

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