A.M. Best Revises Outlook to Negative for Lyndon Property Insurance Company
April 13 2009 - 4:09PM
Business Wire
A.M. Best Co. has revised the outlook to negative from
stable and affirmed the financial strength rating (FSR) of A-
(Excellent) and issuer credit rating of �a-� of Lyndon Property
Insurance Company (Lyndon Property) (St. Louis, MO).
The ratings of Lyndon Property reflect its adequate
capitalization, favorable operating performance in its core
business of vehicle service contracts and the benefits derived from
being part of Protective Life Corporation (Protective)
(Birmingham, AL) [NYSE: PL].
The ratings recognize the $28 million capital contribution made
by its immediate parent, Protective Life Insurance Company
(PLIC) (Brentwood, TN) in 2006 (PLIC has a FSR of A+ (Superior)
with a negative outlook), and the risk management support provided
to Lyndon Property by Protective.
These positive rating factors are offset by Lyndon Property�s
challenges in its discontinued lines of business, now in run off.
The negative outlook reflects the weakened capitalization and
limitations on financial flexibility at PLIC.
For Best�s Ratings, an overview of the rating process and rating
methodologies, please visit www.ambest.com/ratings.
The principal methodologies used in determining these ratings,
including any additional methodologies and factors that may have
been considered, can be found at
www.ambest.com/ratings/methodology.
Founded in 1899, A.M. Best Company is a global full-service
credit rating organization dedicated to serving the financial and
health care service industries, including insurance companies,
banks, hospitals and health care system providers. For more
information, visit www.ambest.com.
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