Ohio Casualty Group(R) Reports Ratings Upgrade From A.M. Best Company
March 20 2007 - 3:48PM
Business Wire
Ohio Casualty Group today announced that effective March 20, 2007,
A.M. Best Company raised its financial strength and issuer credit
ratings (ICR) on Ohio Casualty Group and its member companies to
�A� (Excellent) and �a� from �A-� and �a-� respectively. The
outlook is stable. At the same time, A.M. Best upgraded the ICR and
senior debt ratings to �bbb� from �bbb-� for the Group�s parent,
Ohio Casualty Corporation (NASDAQ:OCAS). Ohio Casualty Corporation
is the holding company of The Ohio Casualty Insurance Company,
which is one of six property-casualty insurance companies that make
up Ohio Casualty Group. Ohio Casualty Group�s Chief Executive
Officer Dan Carmichael, CPCU, expressed Ohio Casualty�s pleasure
with the upgrade: �This action confirms our belief that Ohio
Casualty financial results are deserving of a solid �A� rating.
A.M. Best�s action sends a clear message to investors that our
company is financially strong and that we are consistently
generating excellent operating results. It also further validates
the successful execution of our strategy to become a premier, top
quality insurance carrier.� This action follows other positive
actions that were taken in 2006, which resulted in Ohio Casualty
Corporation being rated as an investment grade security issuer by
four rating agencies, including Fitch Ratings, Moody�s Investors
Service, and Standard & Poor�s, as well as A.M. Best Company.
Ohio Casualty Corporation reported excellent results for 2006,
following equally positive results in 2005. �In fact, for 2006,
this was the second year in a row our operating return on equity
was 15%, and the third year it exceeded 12%,� added Mr. Carmichael.
�Also, it was the second year in a row we achieved an all-lines
combined ratio in the mid 90s.� In a separate press release, A.M.
Best Co. stated: �The ratings reflect the Group�s strong overall
underwriting results, very strong risk-adjusted capitalization and
good business position as a regional provider of property/casualty
insurance�� The entire press release and complete ratings
information are available at www.ambest.com, the agency�s Website.
Corporate Profile Ohio Casualty Corporation is the holding company
of The Ohio Casualty Insurance Company, which is one of six
property-casualty insurance companies that make up Ohio Casualty
Group, collectively referred to as Consolidated Corporation. The
Ohio Casualty Insurance Company was founded in 1919 and is licensed
in 49 states. Ohio Casualty Group is ranked 50th among U.S.
property/casualty insurance groups based on net premiums written
(Best�s Review, July 2006). The Group�s member companies write
auto, home and business insurance. Ohio Casualty Corporation trades
on the NASDAQ Stock Market under the symbol OCAS and had assets of
approximately $5.7 billion as of December 31, 2006.
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