Standard and Poor Assigns Western Specialty Insurance Co. ‘R’ FSR

Standard & Poor’s has assigned its ‘R’ financial strength rating to Western Specialty Insurance Co. in recognition of an order of liquidation issued by the Cook County Circuit Court in Illinois on May 6.

Western Specialty’s active business is to be canceled within 31 days from the date of entry into the order of liquidation, on the policy’s expiration date, or when the insured person cancels the policy, whichever takes place first.Western Specialty is a subsidiary of Western Holdings Inc. The company originally commenced operations in 1986 under the name Oak Brook Property and Casualty Insurance Co., a subsidiary of First Oak Brook Corporation Syndicate, which was placed in liquidation in 1996. The company took its current name when minority interest in it was sold to its current owners in 1996.

The company’s major lines of business include commercial multiple peril, workers’ compensation, other liability, and private passenger auto. The company is licensed in California and Illinois.