Research Update: Attorneys' Liability Assurance Society (Bermuda) Ltd. And Subsidiary Ratings Lowered To 'A' From 'A+', Then Withdrawn Feb 12
Standard & Poors, February 2012
Abstract
Bermuda-based Attorneys' Liability Assurance Society (Bermuda) Ltd. and its subsidiary, Attorneys' Liability Assurance Society Inc. RRG, reported adverse reserve developments in every quarter during 2011. The company's earnings have substantially deteriorated in 2011 compared with its historical levels. We have lowered our long-term counterparty credit and insurer financial strength ratings on these companies to 'A' from 'A+' and assigned a stable outlook. We subsequently withdrew the ratings at the request of the company. On Feb. 7, 2012, Standard & Poor's Ratings Services lowered its long-term counterparty credit and insurer financial strength ratings on Bermuda-based Attorneys' Liability Assurance Society (Bermuda) Ltd. and its Vermont-based operating unit, Attorneys' Liability Assurance Society Inc. RRG (collectively referred to as ALAS), to 'A' from 'A+'....
Companies mentioned in this report are: Attorneys' Liability Assurance Society (Bermuda) Ltd.,Attorneys' Liability Assurance Society Inc. RRG
Action: Downgraded
Action: Outlook: Stable
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.
Attorneys' Liability Assurance Society (Bermuda) Ltd.,Attorneys' Liability Assurance Society Inc. RRG
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