Press Release|Insurance

KBRA Maintains the Watch Status on UIC’s IFSR and Changes the Indicator from Developing to Downgrade and Places the IFSR of SIC on Watch Downgrade

13 Sep 2023   |   New York


KBRA maintains the Watch status on the BBB insurance financial strength rating (IFSR) of Unique Insurance Company (UIC) and changes the Indicator from Developing to Downgrade. KBRA also places the BBB IFSR of Stonegate Insurance Company (SIC) on Watch Downgrade.

The Watch Downgrade reflects continued distressed financial results through 2Q 2023 and a further decline in capital and surplus for both companies. This followed the placement of Unique Insurance Company on a Capital Action Plan by the Illinois Department of Insurance as the company’s RBC ratio fell below 300% (223.1% at year-end 2022) and the company’s combined ratio exceeded 120% (141.3% in 2022). The Watch Downgrade could result in a rating downgrade if UIC’s capital action plan extends into 2024 and there is additional erosion of capital and surplus at both companies through the end of 2023. The ratings could be affirmed if UIC emerges from the regulatory capital action plan and both companies stabilize their capital positions.

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