For more information, contact:
Richard J. Patterson, President
Phone: 860-257-0606
rpatterson@caticaccess.com
CATIC asked Fitch Ratings to withdraw that company's insurer financial strength (IFS) rating of CATIC. The request occurred following discussions between CATIC and Fitch over the issue of to what extent the performance of New Jersey Title Insurance Company, a sister company of CATIC's within the CATIC Financial, Inc. holding company structure, should impact CATIC's rating, if at all. It was CATIC's position that since CATIC and NJTIC were separate and distinct legal entities that had a common parent, it was not appropriate to combine data from both companies to rate only one of them. Fitch felt that it needed to consider affiliates in arriving at its IFS ratings. In light of the difference of viewpoints, CATIC requested that its rating be withdrawn.
CATIC continues to be rated by Demotech and Kroll Bond Ratings (formerly known as LACE Financial, Inc.). The Demotech rating (A') can be found at www.Demotech.com. Kroll is a subscription rating service. Only those who pay a subscription fee to Kroll are entitled to access its rating information.
Rich Patterson, President of CATIC, commented that, "While we were disappointed in ending our relationship with Fitch, we are pleased that we continue to receive strong ratings from two other independent ratings agencies that are accepted by Fannie Mae and Freddie Mac."
About CATIC
CATIC is the major operating subsidiary of its parent holding company, CATIC Financial, Inc. CATIC is New England's largest domestic and only Bar-Related® title insurance underwriter. The Company has seven offices throughout New England and issues its policies through a network of more than 3,000 attorney agents.
CATIC is currently licensed in Connecticut, Massachusetts, Rhode Island, Vermont, Maine, New Hampshire and New Jersey. The Company is an underwriting member of the American Land Title Association (ALTA) and the North American Bar-Related® Title Insurers. Through an affiliate, the Company also provides services in connection with tax-deferred exchanges of like-kind property.