Washington Casualty Co. Ratings Lowered to ‘Bpi’ from ‘BBBpi’

Standard & Poor’s Ratings Services said that it lowered its counterparty credit and financial strength ratings on Washington Casualty Co. to single-‘Bpi’ from triple-‘Bpi’ because of the company’s deteriorating surplus position, which was caused by substantial underwriting losses.

Washington Casualty primarily writes medical malpractice insurance in
Washington, with some additional business in Idaho, Oregon, and Montana. With $5.8 million in surplus as of June 30, 2002, the company is a very small insurer. The company commenced operations in 1977.