KBRA Places the IFSR of Unique Insurance Company on Watch Developing
3 May 2023 | New York
KBRA places on Watch Developing the BBB insurance financial strength rating (IFSR) of Unique Insurance Company.
The Watch Developing reflects the company's deteriorated financial position at end-2022 and subsequent placement on a Capital Action Plan by the Illinois Department of Insurance. Unique Insurance Company's RBC ratio fell below 300% (from 304.6% in 2021 to 223.1% in 2022) and the company’s combined ratio exceeded 120% (117.0% in 2021 to 141.3% in 2022).
The Watch Developing could result in a rating downgrade if upon review of the approved Capital Action Plan KBRA believes that the company's financial position no longer is supportive of its current rating level.
The rating could be affirmed if KBRA believes that the Capital Action Plan will bring the company's financial position in line with its current rating level over the medium term.
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