Standard & Poor’s has removed its ‘BBB+’ counterparty credit and
financial strength ratings on Employee Benefits Insurance Co., Design
Professional Insurance Co., and EBI Indemnity Co., which are affiliates of Royal Indemnity Co. (BBB+/Developing /–).
“These ratings are being removed as each entity was merged with
affiliate, Security Insurance Co. of Hartford (SICH) based on the Connecticut Insurance Department’s approval effective Dec. 31, 2002,” Standard & Poor’s credit analyst Fred Loeloff said.
The SICH statutory annual statement and its prior year information will be restated to reflect this operational change, and the surplus from the affected entities will be combined with the remaining affiliates of Royal Indemnity Co. with no surplus effect. With the merger completed, Standard & Poor’s has withdrawn the ratings at the company’s request.
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