Very strong liquidity, with significant income-generating investments at the holding company level, plus strong balanced earnings and positive operating cash flows from all business segments. Strong niche business positions in underserved rural and suburban markets. Strong quality of capital, with relatively modest goodwill, good financial leverage, and relatively low double leverage. Above-average exposure to equity risk, with 20% of assets in equity securities, including several large concentrations in long-held strategic investments. Limited growth prospects in many target markets and niches. The counterparty credit rating on Unitrin Inc. reflects the company's strong liquidity position, strong niche business positions through various operating companies, and strong quality of capital. Partially offsetting these strengths is the company's above-average exposure to equity risk, with 20%
