Ratings Recap: Delphi, RTW, Nationwide Financial, United America

Standard & Poor’s Ratings Services has assigned its “BBB-” preferred stock rating to Delphi Financial Group Inc.’s proposed $150 million, junior subordinated deferrable interest debentures with a scheduled maturity in 2037 and a final maturity in 2067.

A.M. Best Co. has affirmed the financial strength ratings (FSR) of “B++” (Good) and the issuer credit ratings of “bbb+” of RTW Group and its members – American Compensation Insurance Company (ACIC) and Bloomington Compensation Insurance Company (BCIC), a reinsured wholly owned subsidiary of ACIC. ACIC and BCIC operate as subsidiaries of RTW, Inc. Best also affirmed the ICR of “bb+” of RTW, Inc. The outlook for all the ratings is positive.

Standard & Poor’s Ratings Services has assigned its “BBB” preferred stock rating to Nationwide Financial Services Inc.’s $400 million junior subordinated notes issue with a scheduled maturity date of 2037. The notes are unsecured and junior in right of payment to all senior indebtedness. Nationwide Financial intends to use the net proceeds from this offering for the redemption of $300 million of outstanding senior notes due 2027 and for general corporate purposes. The redemption is scheduled to take place in June 2007.

A.M. Best Co. has affirmed the financial strength ratings (FSR) of “A” (Excellent) and issuer credit ratings (ICR) of “a” of United National Group and Penn-America Group, Inc. and their P/C insurance subsidiaries. Both Penn-America and United National are subsidiaries of the publicly traded parent holding company, United America Indemnity, Ltd. (UAI) which is located in the Cayman Islands. Best also affirmed UAI’s ICR of “bbb,” the FSR of “A” (Excellent) and ICR of “a” of its affiliated reinsurer, Bermuda-based Wind River Reinsurance Co. Ltd. The outlook for all ratings is stable. In addition Best noted that “these rating decisions take into account the recently announced appointment of Larry A. Frakes, to the newly created position of President and Chief Operating Officer of UAI. United National’s ratings reflect its strong operating results, solid risk-adjusted capitalization and well-established presence within the surplus lines and specialty admitted markets.”