INSURANCE

20th Century Ratings Drop on Earthquake Loss: Standard & Poor’s Corp. downgraded the financial security ratings of Woodland Hills-based 20th Century Insurance Co. and its sister, 21st Century Casualty Co., to the “vulnerable” range from the “secure” range, citing the insurers’ estimated $600 million in losses from the Northridge earthquake. The new ratings are BB (“may be adequate” to meet claims obligations), down from BBB+ (“adequate”). Parent company 20th Century Industries’ credit assessment rating dropped to B from BB+, and the firm remains under review for further downgrades, the ratings agency said. 20th Century has applied to the state Insurance Department for earthquake insurance premium hikes averaging 172% for conventional homes and 400% for condominiums.