info

Yes No
Moodys.com
Terms of Use
REGULATORY AFFAIRS
CAREERS
ABOUT US
CONTACT US
HOME
Close
Please Note
We brought you to this page based on your search query. If this isn't what you are looking for, you can continue to Search Results for ""
The maximum number of items you can export is 3,000. Please reduce your list by using the filtering tool to the left.
Close
Close
Email Research
Recipient email addresses will not be used in mailing lists or redistributed.
Recipient's
Email

Use semicolon to separate each address, limit to 20 addresses.
Enter the
characters you see
Can't read?
Try a new set
Send Cancel
Close
Email Research
Thank you for your interest in sharing Moody's Research. You have reached the daily limit of Research email sharings.
OK
Close
Thank you!
You have successfully sent the research.
Please note: some research requires a paid subscription in order to access.
OK
Already a customer?
LOG IN
Don't want to see this again?
REGISTER
OR
Accept our Terms of Use to continue to Moodys.com:

PLEASE READ AND SCROLL DOWN!

By clicking “I AGREE” [at the end of this document], you indicate that you understand and intend these terms and conditions to be the legal equivalent of a signed, written contract and equally binding, and that you accept such terms and conditions as a condition of viewing any and all Moody’s inform​ation that becomes accessible to you [after clicking “I AGREE”] (the “Information”).   References herein to “Moody’s” include Moody’s Corporation, Inc. and each of its subsidiaries and affiliates.

Terms of One-Time Website Use

1.            Unless you have entered into an express written contract with Moody’s to the contrary, you agree that you have no right to use the Information in a commercial or public setting and no right to copy it, save it, print it, sell it, or publish or distribute any portion of it in any form.               

2.            You acknowledge and agree that Moody’s credit ratings: (i) are current opinions of the future relative creditworthiness of securities and address no other risk; and (ii) are not statements of current or historical fact or recommendations to purchase, hold or sell particular securities.  Moody’s credit ratings and publications are not intended for retail investors, and it would be reckless and inappropriate for retail investors to use Moody’s credit ratings and publications when making an investment decision.  No warranty, express or implied, as the accuracy, timeliness, completeness, merchantability or fitness for any particular purpose of any Moody’s credit rating is given or made by Moody’s in any form whatsoever.          

3.            To the extent permitted by law, Moody’s and its directors, officers, employees, representatives, licensors and suppliers disclaim liability for: (i) any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with use of the Information; and (ii) any direct or compensatory damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud or any other type of liability that by law cannot be excluded) on the part of Moody’s or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with use of the Information.

4.            You agree to read [and be bound by] the more detailed disclosures regarding Moody’s ratings and the limitations of Moody’s liability included in the Information.     

5.            You agree that any disputes relating to this agreement or your use of the Information, whether sounding in contract, tort, statute or otherwise, shall be governed by the laws of the State of New York and shall be subject to the exclusive jurisdiction of the courts of the State of New York located in the City and County of New York, Borough of Manhattan.​​​

I AGREE
Rating Action:

MOODY'S UPGRADES RATINGS OF CERTAIN SUBSIDIARIES OF ST PAUL TRAVELERS COMPANIES, INC. (INSURANCE FINANCIAL STRENGTH RATINGS TO Aa3) FOLLOWING RE-POOLING; PARENT COMPANY DEBT RATINGS' AFFIRMED (A3 SENIOR) AND OUTLOOK REMAINS NEGATIVE

14 Jul 2005
MOODY'S UPGRADES RATINGS OF CERTAIN SUBSIDIARIES OF ST PAUL TRAVELERS COMPANIES, INC. (INSURANCE FINANCIAL STRENGTH RATINGS TO Aa3) FOLLOWING RE-POOLING; PARENT COMPANY DEBT RATINGS' AFFIRMED (A3 SENIOR) AND OUTLOOK REMAINS NEGATIVE

Combination of Intercompany Pools Completed

New York, July 14, 2005 -- Moody's Investors Service announced today that it has upgraded the insurance financial strength ratings of members of the legacy St. Paul, United States Fidelity & Guaranty (USF&G) and Gulf Insurance pools to Aa3 following the recent completion of the re-pooling of these companies with the legacy Travelers Indemnity Company pool (whose pooled companies are already rated Aa3 for insurance financial strength) and the dissolution of the legacy pooling agreements. Under these pooling agreements, all member companies now cede virtually all of their premiums, claims and expenses to the lead company (Travelers Indemnity Company) and then in turn recapture a percentage of the total combined results. The re-pooling was effective for both in-force and prospective business.

Expanding on its rationale, Moody's noted that the re-pooling of the St. Paul, USF&G and Gulf entities has improved their spread of risk and reduced their operating leverage profile, better aligning these measures across the entire St. Paul Travelers organization. Additionally, the rating of Gulf Insurance Company will be withdrawn, following that company's recently completed legal merger into Travelers Indemnity Company. The outlook for all of the insurance financial strength ratings is now negative, consistent with the existing outlook for members of the Travelers Indemnity pool.

In the same action, Moody's also affirmed the long-term and short-term debt ratings of St. Paul Travelers Companies Inc. (senior unsecured debt at A3, commercial paper at Prime-2) and those of its downstream debt-issuing subsidiaries.

The affirmation of these ratings reflects the significant franchise created upon the merger of Travelers and St. Paul, its strong position in many commercial and personal property casualty market segments, high quality investment portfolio, and adequate liquidity. Tempering these strengths are concerns related to the risk of further adverse loss development, especially for runoff businesses and latent liabilities, integration and execution risks related to the merger, financial leverage on a tangible basis, and meaningful exposure to catastrophe losses.

On February 1, 2005, Moody's changed the outlook for the debt ratings and for the insurance financial strength ratings of members the Travelers' Indemnity pool to negative from stable. The negative outlook on the debt ratings and on the newly combined St. Paul Travelers pool primarily reflects Moody's view that significant uncertainty remains around the ultimate liabilities for A&E reserves as well as the combined group's improved but still higher risk-adjusted operating leverage and lower capitalization relative to similarly-rated peers.

According to Moody's, resolution of the negative outlook will focus on the capital adequacy of the operating companies and St. Paul Travelers' ability to generate materially improved after-tax operating earnings in 2005 of over $3 billion. Moody's notes that meeting these expectations, together with adverse reserve development (including A&E reserves) of less than 2.5% of carried reserves and completion of the ongoing disposition of the Nuveen shares (with proceeds downstreamed to the insurance operations) would likely result in a stable outlook. Conversely, failure to meet some or all of these expectations could lead to a downgrade of St. Paul Travelers' ratings.

The following ratings have been upgraded and now have a negative outlook:

Members of the legacy Gulf intercompany pool -

Gulf Insurance Company - insurance financial strength to Aa3 from A2;

Gulf Underwriters Insurance Company -- insurance financial strength to Aa3 from A2;

Atlantic Insurance Company -- insurance financial strength to Aa3 from A2;

Select Insurance Company - insurance financial strength to Aa3 from A2;

Members of the legacy St. Paul intercompany pool -

St. Paul Fire and Marine Insurance Company -- insurance financial strength to Aa3 from A1;

St. Paul Surplus Lines Insurance Company -- insurance financial strength to Aa3 from A1;

Athena Assurance Company -- insurance financial strength to Aa3 from A1;

St. Paul Medical Liability Insurance Company -- insurance financial strength to Aa3 from A1;

Rated member of the USF&G intercompany pool:

United States Fidelity and Guaranty Company -- insurance financial strength to Aa3 from A2;

as well as other supported subsidiaries:

Travelers Casualty and Surety Company of Europe, Limited -- insurance financial strength to Aa3 from A1.

St. Paul Reinsurance Company Limited -- insurance financial strength to Aa3 from A1;

The rating of Gulf Insurance Company will be withdrawn, following the completion of its legal merger with Travelers Indemnity Company. The upgrades of both the Travelers Casualty and Surety Company of Europe, Limited and St. Paul Reinsurance Company Limited reflect the continuing reinsurance support from Aa3 affiliated companies.

The following ratings have been affirmed with a negative outlook:

The St. Paul Travelers Companies Inc. -- senior unsecured debt at A3, prospective senior unsecured debt at (P)A3, prospective subordinated debt at (P)Baa1, prospective preferred stock at (P)Baa2; rating for commercial paper at Prime-2;

Travelers Property Casualty Corporation -- senior unsecured debt at A3, subordinated debt at Baa1;

Travelers Insurance Group Holdings, Inc. -- senior unsecured debt at A3;

USF&G Corporation -- senior unsecured debt at A3, backed senior debt at A3, backed subordinated debt at Baa1;

MMI Companies, Inc. --junior subordinated debt at Baa1;

St. Paul Capital Trust I -- backed preferred securities at Baa1;

St. Paul Capital Trust II -- backed preferred securities at Baa1;

USF&G Capital I -- backed preferred securities at Baa1;

USF&G Capital II -- backed preferred securities at Baa1;

USF&G Capital III -- backed preferred securities at Baa1;

MMI Capital Trust I -- preferred securities at Baa1;

Members of the legacy Travelers Indemnity Company group intercompany pool:

Travelers Casualty and Surety of America - insurance financial strength at Aa3;

Automobile Insurance Company of Hartford -- insurance financial strength at Aa3;

Charter Oak Fire Insurance Company - insurance financial strength to at Aa3;

Farmington Casualty Company - insurance financial strength at Aa3;

Phoenix Insurance Company -- insurance financial strength at Aa3;

Standard Fire Insurance Company -- insurance financial strength at Aa3;

Travelers Casualty Company of CT -- insurance financial strength at Aa3;

Travelers Casualty and Surety Company of Illinois -- insurance financial strength at Aa3;

Travelers Casualty and Surety Company -- insurance financial strength at Aa3;

Travelers Commercial Insurance Company -- insurance financial strength to at Aa3;

Travelers Indemnity Company -- insurance financial strength at Aa3;

Travelers Indemnity Company of America -- insurance financial strength at Aa3;

Travelers Indemnity Company of CT -- insurance financial strength at Aa3;

Travelers Indemnity Company of Illinois -- insurance financial strength at Aa3;

Travelers Personal Security Insurance Company -- insurance financial strength at Aa3;

Travelers Property Casualty Company of Illinois -- insurance financial strength at Aa3;

Travelers Property Casualty Insurance Company - insurance financial strength at Aa3.

The St. Paul Travelers Companies, Inc. (NYSE: STA) is one of the largest property casualty insurers in the U.S. and is engaged through its subsidiaries in both commercial and personal lines property casualty insurance. For the first quarter of 2005, St. Paul Travelers reported net premiums written of $5.2 billion and net income of $212 million ($877 million from continuing operations). Shareholders' equity as of March 31, 2005 was $20.3 billion. St. Paul Travelers is comprised of the legacy The St. Paul Companies, Inc. and subsidiaries (St. Paul, MN) and the legacy Travelers Property Casualty Corp. and subsidiaries (Hartford, CT).

Moody's insurance financial strength ratings are opinions of the ability of insurance companies to repay punctually senior policyholder claims and obligations. For more information, visit our website at www.moodys.com/insurance.

New York
Alan Murray
VP - Senior Credit Officer
Financial Institutions Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Robert Riegel
Managing Director
Financial Institutions Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

No Related Data.
© 2019 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND ITS RATINGS AFFILIATES (“MIS”) ARE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MOODY’S PUBLICATIONS MAY INCLUDE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY’S OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. CREDIT RATINGS AND MOODY’S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY’S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY’S PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

MOODY’S CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY’S CREDIT RATINGS OR MOODY’S PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.

ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY’S PRIOR WRITTEN CONSENT.

CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.

All information contained herein is obtained by MOODY’S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided “AS IS” without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY’S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing the Moody’s publications.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY’S.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.

NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY’S IN ANY FORM OR MANNER WHATSOEVER.

Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any rating, agreed to pay to Moody’s Investors Service, Inc. for ratings opinions and services rendered by it fees ranging from $1,000 to approximately $2,700,000. MCO and MIS also maintain policies and procedures to address the independence of MIS’s ratings and rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading “Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy.”

Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any rating, agreed to pay to MJKK or MSFJ (as applicable) for ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY250,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

​​​​​​
Moodys.com