Affirmative Insurance Company -- Moody's affirms Affirmative Insurance Company, outlook changed to stable

New York, September 19, 2013 -- Moody's Investors Service has affirmed the Caa1 insurance financial strength rating (IFS) of Affirmative Insurance Company (AIC), lead insurance operating subsidiary of Affirmative Insurance Holdings, Inc. (Affirmative) following the announcement that Affirmative will sell its retail agency distribution business to Confie Seguros, a California-based national insurance distribution company, for up to $120 million in cash, including $40 million contingent on risk-based capital levels at AIC. Moody's changed the rating outlook for AIC's insurance financial strength rating to stable from negative reflecting greater capital available to AIC as a result of the sale, the resolution of a deficiency with a loss reserve requirement under the Illinois Insurance Code, and improvement in underwriting results. The transaction is expected to close within the next 30 days.

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