Ohio Casualty (NASDAQ:OCAS)
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Ohio Casualty Corporation (NASDAQ:OCAS) today announced
that effective July 26, 2006, Standard & Poor's (S&P) Rating Services
raised its counterparty credit and financial strength ratings on the
members of the Ohio Casualty Insurance Co. Intercompany Pool (OCIP) to
'A-' from 'BBB+'. The outlook is stable. At the same time, S&P raised
its counterparty credit and senior debt ratings on Ohio Casualty Corp.
(Ohio Casualty), to 'BBB-' from 'BB+'.
This action results in Ohio Casualty being rated as an investment
grade security by four rating agencies, including A.M. Best Company,
Moody's Investors Service and Fitch, as well as Standard & Poor's.
Ohio Casualty Corporation Chief Executive Officer Dan Carmichael
expressed Ohio Casualty's pleasure with the upgrade: "This action
confirms what we already believed: that Ohio Casualty is an investment
grade company. We view the action as a solid signal for investors that
our company is secure and that we are successfully executing our
strategy to become a premier, top quality insurance company. We
continue to face our challenges through a disciplined long-term
approach to balancing expense control with profitably growing our
business in order to maintain superior service to independent agents
and policyholders."
Complete ratings information is available to subscribers of
Ratings Direct, Standard & Poor's Web-based credit analysis system, at
www.ratingsdirect.com. All ratings affected by this rating action can
be found on Standard & Poor's public Web site at
www.standardandpoors.com; under Credit Ratings in the left navigation
bar, select Find a Rating, then Credit Ratings Search.
Corporate Profile
Ohio Casualty Corporation is the holding company of The Ohio
Casualty Insurance Company, which is one of six property-casualty
insurance companies that make up Ohio Casualty Group, collectively
referred to as Consolidated Corporation. The Ohio Casualty Insurance
Company was founded in 1919 and is licensed in 49 states. Ohio
Casualty Group is ranked 50th among U.S. property/casualty insurance
groups based on net premiums written (Best's Review, July 2006). The
Group's member companies write auto, home and business insurance. Ohio
Casualty Corporation trades on the NASDAQ Stock Market under the
symbol OCAS and had assets of approximately $5.7 billion as of June
30, 2006.
Safe Harbor Statement
Ohio Casualty Corporation publishes forward-looking statements
relating to such matters as anticipated financial performance,
business prospects and plans, regulatory developments and similar
matters. The statements contained in this news release that are not
historical information, are forward-looking statements within the
meaning of The Private Securities Litigation Reform Act of 1995. The
operations, performance and development of the Consolidated
Corporation's business are subject to risks and uncertainties, which
may cause actual results to differ materially from those contained in
or supported by the forward-looking statements in this release. The
risks and uncertainties that may affect the operations, performance,
development and results of the Consolidated Corporation's business
include the following: changes in property and casualty reserves;
catastrophe losses; premium and investment growth; product pricing
environment; availability of credit; changes in government regulation;
performance of financial markets; fluctuations in interest rates;
availability and pricing of reinsurance; litigation and administrative
proceedings; rating agency actions; acts of war and terrorist
activities; ability to appoint and/or retain agents; ability to
achieve targeted expense savings; ability to achieve premium targets
and profitability goals; and general economic and market conditions.
Ohio Casualty Corporation undertakes no obligation to publicly
release any revisions to the forward-looking statements contained in
this release, or to update them to reflect events or circumstances
occurring after the date of this release, or to reflect the occurrence
of unanticipated events. Investors are also advised to consult any
further disclosures made on related subjects in Ohio Casualty
Corporation's reports filed with the Securities and Exchange
Commission or in subsequent press releases.