Standard and Poor's has lowered the pi insurer financial strength ratings for MMA Insurance and FM Insurance Company, it announced.
FM's insurer financial strength rating was lowered from BBBpi (good) to BBpi (marginal). Standard and Poor's said the new rating reflected FM's "very high dependence on reinsurers", although it took into account good operating performance.
MMA's insurer financial strength rating was lowered from BBBpi (good) to BBpi (marginal). The lowered rating reflects MMA's marginal solvency in relation to considerable growth, according to Standard and Poor's. It added that MMA had good reserves and earnings.
Pi ratings provide an opinion on an insurer's financial strength based solely on information available in the public domain. They differ from Standard and Poor's interactive ratings.
