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Announcement:

Moody's affirms Infinity Property & Casualty's ratings (senior at Baa2)

14 Sep 2010

Approximately $200 million in securities affirmed

New York, September 14, 2010 -- Moody's Investors Service announced today that it has affirmed the Baa2 senior debt rating of Infinity Property and Casualty Corporation (NASDAQ: IPCC, "Infinity") and the A2 insurance financial strength ratings of its principal operating subsidiaries. The outlook for the ratings is stable.

The affirmation reflects the group's good financial profile including strong profitability and solid capital adequacy. Infinity has an established franchise within the independent agency channel in non-standard automobile insurance, serving the Latino community, particularly in urban zones. Additional strengths include a high quality investment portfolio, low reliance on reinsurance , a relatively low catastrophe risk profile, and solid reserve position as demonstrated by its long track record of favorable development. Going forward, Moody's expects Infinity will demonstrate underwriting discipline in its core non standard auto business by maintaining adequate pricing and controlling expenses, amidst competitive market conditions and sluggish macroeconomic trends.

These fundamental strengths are tempered by Infinity's limited scale, narrow product and geographic focus, intense competition from larger insurers who possess greater financial resources, and a relatively high adjusted financial leverage profile which in times of stress could pressure coverage metrics. Moody's expects that profitability will be pressured in the near to medium term as the company seeks to write more new business where combined ratios run higher relative to renewal business. Infinity's adjusted financial leverage was approximately 33% as of June 30, 2010, within our expectations. While Infinity's financial flexibility is strong currently with nearly $200 million of holding company cash and investments, the company actively manages its capital and has recently announced an increase to its share and debt repurchase program, which totals $50 million. Moody's expects the company will manage share repurchases incrementally and opportunistically over time.

Given Infinity's limited scale and active capital management strategy, Moody's sees little upside to the current ratings over the medium term. However, a meaningfully reduction in financial leverage coupled with a significant increase in market presence and geographic diversification while maintaining profitability could lead to an upgrade. Factors that could lead to a downgrade include: meaningful underwriting losses (e.g. combined ratios above 100%; return on capital below 5%), sustained financial leverage in the upper 30% range; earnings interest coverage less than 5x, GAAP gross underwriting leverage greater than 3.5x or significant adverse reserve development (greater than 3% of loss and LAE reserves).

The following ratings have been affirmed:

Infinity Property and Casualty Corporation -- senior unsecured debt at Baa2;

Infinity Insurance Company -- insurance financial strength at A2;

Infinity Standard Insurance Company -- insurance financial strength at A2;

Infinity Casualty Insurance Company -- insurance financial strength at A2;

Infinity Premier Insurance Company -- insurance financial strength at A2;

Infinity Reserve Insurance Company -- insurance financial strength at A2;

Infinity Specialty Insurance Company -- insurance financial strength at A2;

Hillstar Insurance Company -- insurance financial strength at A2;

Infinity Select Insurance Company -- insurance financial strength at A2;

Infinity Auto Insurance Company -- insurance financial strength at A2;

Infinity Preferred Insurance Company -- insurance financial strength at A2;

Infinity Indemnity Insurance Company -- insurance financial strength at A2;

Infinity Assurance Insurance Company -- insurance financial strength at A2;

Infinity Safeguard Insurance Company -- insurance financial strength at A2;

Infinity General Insurance Company -- insurance financial strength at A2;

Infinity Security Insurance Company -- insurance financial strength at A2.

Infinity Property and Casualty Corporation is headquartered in Birmingham, Alabama. For the second quarter of 2010, Infinity reported total revenues of $237 million and net income of $16 million, compared to total revenues of $226 million and net income of $17 million in the corresponding prior year period. The combined ratio for 2Q10 was 91.8%, compared to 91.9% in 2Q09. As of June 30, 2010, shareholders' equity was $629 million.

The principal methodology used in rating Infinity is "Moody's Global Rating Methodology for Property and Casualty Insurers," which can be found at www.moodys.com in the Rating Methodologies sub-directory under the Research & Ratings tab. Other methodologies and factors that may have been considered in the process of rating Infinity can also be found in the Rating Methodologies sub-directory on Moody's website.

Moody's insurance financial strength ratings are opinions of the ability of insurance companies to pay punctually senior policyholder claims and obligations.

Please see ratings tab on the issuer/entity page on Moodys.com for the last rating action and the ratings history.

Please see the Credit Policy page on Moodys.com for the methodologies used in determining ratings, further information on the meaning of each rating category and the definition of default and recovery.

Visit Moody's website at www.moodys.com/insurance for more information.

New York
Enrico Leo
Analyst
Financial Institutions Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

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

Moody's Investors Service
250 Greenwich Street
New York, NY 10007
USA

Moody's affirms Infinity Property & Casualty's ratings (senior at Baa2)
No Related Data.
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