S&P affirmed its “AA+” counterparty credit and financial strength ratings on Amica Mutual Insurance Co. and its wholly owned subsidiaries Amica Lloyds of Texas and Amica Life Insurance Co. The affirmation was based on Amica’s strong market position, excellent customer service, extremely strong capital adequacy, and very strong operating performance offset by the group’s geographic concentration, moderate investment strategy, and relatively high catastrophe exposure. The outlook is stable.
Amica’s earnings adequacy ratio is expected to be very strong in 2002 and 2003, according to an S&P analyst. The ratings agency expects Amica’s capital adequacy to remain strong, and predicts the company will maintain premium growth in the seven to nine percent range over the next two years.
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