Standard & Poor's Assigns Single-'Api' Insurer Financial Strength Rating to Grange Guardian Insurance Co.

Strategic Insights -

Standard & Poor's, a leading credit rating agency, has assigned its single-'Api' insurer financial strength rating to Grange Guardian Insurance Co., a nonstandard auto writer licensed in Tennessee, Ohio, and Illinois. The company, which commenced operations in 1996, participates in an interaffiliate pool with two other affiliated companies and meets Standard & Poor's criteria for pool members. This rating is based on an analysis of Grange Guardian's published financial information and additional information in the public domain, and is subject to annual review based on new year's financial statements.

Key Takeaways:

  • Grange Guardian Insurance Co. has been assigned a single-'Api' insurer financial strength rating by Standard & Poor's, indicating a stable financial position.
  • The company is licensed in Tennessee, Ohio, and Illinois, and operates primarily in Ohio.
  • Grange Guardian participates in an interaffiliate pool with two other affiliated companies, meeting Standard & Poor's criteria for pool members.
  • The single-'Api' rating is based on an analysis of Grange Guardian's published financial information and additional information in the public domain.
  • This rating is subject to annual review based on new year's financial statements, and may be reviewed on an interim basis if a major event affects the insurer's financial security.
  • Ratings with a pi subscript, such as Grange Guardian's, are not subject to potential CreditWatch listings.
  • Ratings with a pi subscript typically do not include 'plus' or 'minus' designations, but may be assigned if the insurer's financial strength rating is constrained by sovereign risk or the credit quality of a parent company or affiliated group.

Statistics:

  • Grange Guardian Insurance Co. commenced operations in 1996.
  • The company is a nonstandard auto writer.
  • Grange Guardian is licensed in Tennessee, Ohio, and Illinois.
  • The principal state in which Grange Guardian operates is Ohio.
  • The company participates in an interaffiliate pool with two other affiliated companies.

Sources:

  • Standard & Poor's press release, dated September 21 (exact date of release not provided)
  • Standard & Poor's criteria for pool members (no specific date or publication provided)
  • CreditWire (no specific date or publication provided)