Ratings agency Moody's has lowered its ratings on US-based Fireman's Fund Insurance Company (FFIC) and the members of its intercompany reinsurance pool to Aa3 from Aa1.
The agency lowered FFIC's insurance financial strength ratings, citing the challenges it faces to improve financial results, a material decline in policyholders' surplus over the past year and the uncertainty regarding its exposure to asbestos claims.
FFIC writes a broad array of standard commercial and specialty line coverages, and some personal lines insurance.
The company is a wholly owned subsidiary of Allianz Insurance Company, part of the German insurance group Allianz.
