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A.M. Best Withdraws Ratings of States Self-Insurers Risk Retention Group, Inc. CONTACTS:
FOR IMMEDIATE RELEASE OLDWICK, N.J., Apr. 23, 2008—A.M. Best Co. has affirmed the financial strength rating of B+ (Good) and issuer credit rating of “bbb-” of States Self-Insurers Risk Retention Group, Inc. (States Self-Insurers) (Vermont). The outlook for both ratings is negative. Concurrently, A.M. Best has withdrawn the ratings and assigned a category NR-4 (Company Request) to States Self-Insurers. This is in response to management’s request that the company be removed from A.M. Best’s interactive rating process. The ratings reflect States Self-Insurers’ good level of capitalization relative to the risks assumed, its history of moderate pretax operating income and its sound liquidity position. The ratings also reflect the niche market expertise States Self-Insurers exhibits as a provider of excess liability insurance to medium-sized public entities. Partially offsetting these favorable rating factors are the company’s history of adverse loss reserve development, high ceded leverage and the relatively high retention per occurrence compared to available surplus. For current Best’s Ratings and independent data on the captive and alternative insurance market, please visit www.ambest.com/captive. Founded in 1899, A.M. Best Company is a full-service credit rating organization dedicated to serving the financial services industries, including the banking and insurance sectors. For more information, visit www.ambest.com. ### |
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