S&P’s Lowers Associated Industries to ‘Bpi’

Standard & Poor’s Ratings Services lowered its counterparty credit and financial strength ratings on Boca Raton, Fla.-based Associated Industries Insurance Co. (AII) to “Bpi” from “Bbpi.”

“This rating action was based on AII’s weak capital, weak liquidity, high geographic and product-line concentrations, and volatile operating performance,” Standard & Poor’s credit analyst Allison MacCullough said.

AII writes only workers’ compensation insurance. Its products are distributed primarily through independent general agents. The company, which began business in 1954, is licensed in Alabama, Florida, Georgia and Mississippi.