AON Affirmed
The “A” (Excellent) financial strength ratings of Aon Corporation’s key insurance underwriting subsidiaries were affirmed by A.M. Best Co. The ratings were held under review with negative implications following Aon’s decision to withdraw its plan to spin-off its underwriting units. Aon also had a subsequent announcement that it would not pursue a specialty property and casualty underwriting strategy.
The “A” rating of Combined Specialty Insurance Company (CSIC), reflects the company’s leadership position in the extended warranty marketplace and the recent action taken by Aon to sustain CSIC’s risk-adjusted capitalization through the suspension of dividends paid to Aon in 2002 and 2003.
The financial strength rating of Sheffield Insurance Corporation, a non-admitted insurer acquired from Vesta Insurance Group in 2002, remains under review with negative implications pending regulatory approval of its sale to Bermuda-based, Axis Specialty Limited. The transaction is expected to close during the first quarter of 2003. With the exception of Sheffield, the outlook for all of the ratings is stable.
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