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Research Update: Sentry Insurance A Mutual Co. And Affiliates 'Api' Ratings Affirmed Dec 11

Standard & Poors, December 2011

Abstract
On Dec. 15, 2011, Standard & Poor's Ratings Services affirmed its 'Api' counterparty credit and financial strength ratings on Sentry Insurance A Mutual Co. (SIAMCO), Middlesex Insurance Co. (MDX), Patriot General Insurance Co. (PG), Dairyland Insurance Co. (DIC), Sentry Select Insurance Co. (SSIC), Sentry Casualty Co. (SCC), Dairyland County Mutual Insurance Co. of Texas (DCM), and Sentry Lloyds of TX (SLOT). All of these companies participate in a pooling arrangement. The companies are members of Sentry Insurance group and participate in an interaffiliate pool, so we rate them as a group. The ratings on the pooling members reflect their strong capitalization and adequate geographic spread of risk. The group's good but deteriorating operating performance, which has been heavily reliant on...

Companies mentioned in this report are: Sentry Insurance a Mutual Co. (Unsolicited Ratings),Sentry Select Insurance Co. (Unsolicited Ratings),Sentry Casualty Co. (Unsolicited Ratings),Sentry Life Insurance Co. (Unsolicited Ratings),Sentry Life Insurance Co. of NY (Unsolicited Ratings),Dairyland County Mutual Insurance Co. of Texas (Unsolicited Ratings),Dairyland Insurance Co. (Unsolicited Ratings),Middlesex Insurance Co. (Unsolicited Ratings),Patriot General Insurance Co. (Unsolicited Ratings),Peak Property & Casualty Insurance Corp.,Sentry Lloyds of TX (Unsolicited Ratings),Viking County Mutual Insurance Co.,Viking Insurance Co. of WI
Action: Affirmed

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

Sentry Insurance a Mutual Co. (Unsolicited Ratings),Sentry Select Insurance Co. (Unsolicited Ratings),Sentry Casualty Co. (Unsolicited Ratings),Sentry Life Insurance Co. (Unsolicited Ratings),Sentry Life Insurance Co. of NY (Unsolicited Ratings),Dairyland County Mutual Insurance Co. of Texas (Unsolicited Ratings),Dairyland Insurance Co. (Unsolicited Ratings),Middlesex Insurance Co. (Unsolicited Ratings),Patriot General Insurance Co. (Unsolicited Ratings),Peak Property & Casualty Insurance Corp.,Sentry Lloyds of TX (Unsolicited Ratings),Viking County Mutual Insurance Co.,Viking Insurance Co. of WI

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