Financial Services Industry
Industry: Email Alert RSS FeedPolygon Gets S&P Downgrade.(Brief Article)
National Underwriter Property & Casualty-Risk & Benefits Management, August, 2000
Polygon Insurance Company, the U.K. specialist aviation insurer, received a rating downgrade from Standard & Poor's from "BBB-plus" to "BBB-minus" with developing implications. The downgrade is the result of heavy losses suffered by the company in 1999, when its combined ratio deteriorated to 210.3, and the consequent weakening of its capital position, S&P said.
The placement of PICL's ratings on "CreditWatch" reflects the uncertainly concerning the future rating profile of the Polygon Group following the decision by shareholders to seek a strategic partner from within the insurance industry to acquire a majority interest. PICL is a Guernsey-based specialist aviation insurer owned by five independent airlines: KIM (30.8 percent shareholding), SAS (30.8...
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