Standard & Poor's Affirms Independent Insurance Co.'s 'A' Ratings

Apr 19, 2001, 01:00 ET from Standard & Poor's

    LONDON, April 19 /PRNewswire/ -- Standard & Poor's today affirmed its
 single-'A' counterparty credit and insurer financial strength ratings on
 Independent Insurance Co. Ltd. (Independent).  The ratings remain on
 CreditWatch with negative implications, where they were placed on March 23,
 2001, reflecting Standard & Poor's concerns over Independent's prospective
 capital adequacy, profitability, and overall rating profile.
     Today's ratings affirmation follows the announcement that Michael Bright,
 Independent's chairman and managing director, has resigned, and that a new
 managing director is being sought.  There has also been press speculation
 today that Independent is now unlikely to raise additional capital funds.
     Standard & Poor's ratings are based on the fact that, notwithstanding the
 press speculation and Michael Bright's resignation, Independent's board
 remains committed to addressing capital pressures likely to be caused by the
 expected 2001 business growth. -- CreditWire
 
 

SOURCE Standard & Poor's
    LONDON, April 19 /PRNewswire/ -- Standard & Poor's today affirmed its
 single-'A' counterparty credit and insurer financial strength ratings on
 Independent Insurance Co. Ltd. (Independent).  The ratings remain on
 CreditWatch with negative implications, where they were placed on March 23,
 2001, reflecting Standard & Poor's concerns over Independent's prospective
 capital adequacy, profitability, and overall rating profile.
     Today's ratings affirmation follows the announcement that Michael Bright,
 Independent's chairman and managing director, has resigned, and that a new
 managing director is being sought.  There has also been press speculation
 today that Independent is now unlikely to raise additional capital funds.
     Standard & Poor's ratings are based on the fact that, notwithstanding the
 press speculation and Michael Bright's resignation, Independent's board
 remains committed to addressing capital pressures likely to be caused by the
 expected 2001 business growth. -- CreditWire
 
 SOURCE  Standard & Poor's