Unsatisfactory fourth quarter results signal that more rating downgrades are ahead for property-casualty insurers Standard & Poors Ratings Services said today.
S&P comments that were released followed a company conference for the investment and brokerage communities.
The firm said in spite of substantial revenue increases, current financial results do not signal a clean bill of health for insurers and the numbers coming out for fourth-quarter 2002 over the coming weeks will trigger additional downgrades.
"This is not going to be a pleasant fourth quarter. Inevitably, there will be surprises that are likely to cause rating actions," said Mark Puccia, a managing director in Standard & Poors insurance ratings.
