Offsetting factors include the challenge of managing a growing percentage of interest sensitive reserves in the current low interest environment, relatively small contribution of net income to the enterprise, and incurring costs related to new business strain and XXX reserving, which is partially offset by being funded through capital and surplus.
While A.M. Best believes positive rating actions are unlikely in the near term, key factors that could trigger negative rating actions on CIC's ratings include the continued deterioration of underwriting and operating results, particularly if the resulting performance is materially below similarly rated peers and results in lower risk-adjusted capitalization.
The ICRs have been downgraded to “aa-” from “aa ” and the FSR of A+ (Superior) has been affirmed with a stable outlook for The Cincinnati Insurance Companies and its following property/casualty members:
- The Cincinnati Insurance Company
- The Cincinnati Indemnity Company
- The Cincinnati Casualty Company
The FSR of A (Excellent) and ICR of “a+” have been affirmed with a stable outlook for:
- The Cincinnati Life Insurance Company
- The Cincinnati Specialty Underwriters Insurance Company
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