S&P raises Ohio Casualty

Standard & Poor's said it raised its counterparty credit and financial strength ratings on the members of the Ohio Casualty Insurance Co. Intercompany Pool to BBB+ from BBB.

At the same time, S&P said it raised its counterparty credit and senior debt ratings on Ohio Casualty Corp., OCIP's parent holding company, to BB+ from BB.

The outlook is stable.

S&P said the upgrade reflects the group's significantly improved operating performance because of expense-reduction initiatives and continued loss control as well as improving capitalization.

Offsetting the improvements in operating results and capitalization are an expense ratio that is higher than industry peers and a lack of a track record of consistent underwriting and bottom-line profitability, the agency added.

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