OLDWICK, N.J.--(BUSINESS WIRE)--A.M. Best has affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-“ of Plans’ Liability Insurance Company (headquartered in Oakbrook Terrace, IL). The outlook of these Credit Ratings (ratings) remains negative. Concurrently, A.M. Best has withdrawn the ratings as the company has requested to no longer participate in A.M. Best’s interactive rating process.
The rating affirmations reflect the company’s solid, yet deteriorating, level of risk-adjusted capitalization and improved loss reserving trends in 2016. Surplus has declined 39% over the last five years through 2016 but remained relatively flat as of first quarter 2017. Negative rating factors include continued deteriorating operating and underwriting performance, which has been hampered by a class-action lawsuit and competitive market conditions.
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