COLUMBIA, 4/30/10 (Beat Byte) -- Citing
"moderate deterioration in underwriting performance and an expectation for
continued weaker underwriting results over the near term," insurance rating
agency A. M. Best last week downgraded local workers’ compensation giant
Missouri Employers Mutual (MEM).
Lowering its outlook from "positive" to "stable," Best
affirmed MEM's financial rating of A-. The downturn in underwriting
performance, analysts noted, "is reflective of ongoing competitive market
conditions and modest adverse loss reserve development in 2002 and prior
accident years."
An unusual public-private hybrid, MEM enjoys exemption
from Federal taxes as a state fund, though the firm is not a state
agency.
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