NEW YORK (Standard&Poor's CreditWire) Feb. 23, 2000--Standard&Poor's today affirmed its ratings on St. Paul Cos. Inc., the members of the St. Paul Fire&Marine Insurance Co. Intercompany Pool (SPIP), and related entities (see list). The outlook is stable. SPIP is the fourth largest underwriter of commercial insurance risks in the U.S. and one of the few U.S. property/casualty companies with an international presence. SPIP, like many of its peers, has been hurt by the soft market in commercial lines. However, even during its acquisition of USF&G Corp. (USF&G), it managed to maintain a stable presence in the market for both agents and insureds, which Standard&Poor's believes demonstrates management's conservative underwriting and reserving practices.
