21st Century Insurance upgraded on hopes of good integration with AIG - S&P |
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Mon, 29 Oct 2007 14:41
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MUMBAI (Thomson Financial) - Standard & Poor's Ratings Services said it has raised its counterparty credit rating on 21st Century Insurance Group to 'AA' from 'BBB+' on anticipation it will successfully integrate operations, underwriting, systems, and people with those of its new owner American International Group Inc.The upgrade also incorporates S&P's expectations 21st Century Insurance's operating units will become participating members of the AIG personal insurance pool.S&P took the ratings off positive credit watch, where they were put after AIG said it intends to buy out 21st Century Insurance, which it did on Sept 27.S&P also raised its counterparty credit and financial strength ratings on 21st Century Insurance Co, 21st Century Casualty Co, and 21st Century Insurance Co of the Southwest to 'AA+' from 'A+' and took them off the positive credit watch as well.The agency has a stable outlook on all these companies.TFN.newsdesk@thomson.comapm/ssaCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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