Penn poised for rating uplift
PENN National Insurance Group has had its Baa1 financial strength rating affirmed by Moody’s, with the outlook also remaining positive, reflecting steady profitability and stronger capitalisation.Full year net income is expected to be moderately lower than 2007 due to impairments on invested assets, with policyholders’ equity only modestly down on the prior year as the fixed income portfolio has generally held up in value.