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AM Best Affirms Ratings of American United Life Insurance Company ...
OLDWICK, N.J.--(BUSINESS WIRE)--A.M. Best Co. has affirmed the financial strength rating (FSR) of A (Excellent) and issuer credit ratings (ICR) of "a+" of American United Life Insurance Company (AUL) (Indianapolis, IN) and its affiliates, State Life Insurance Company (Indianapolis, IN) and Pioneer Mutual Life Insurance Company (North Dakota), comprising the OneAmerica Group (OneAmerica). Concurrently, A.M. Best has affirmed AUL's debt rating of "a-" on $75 million 7.75% of surplus notes. Additionally, A.M. Best has affirmed the ICR of "bbb+" of OneAmerica Financial Partners, Inc. (Indianapolis, IN), an intermediate holding company and its debt rating of "bbb+" on $200 million 7.00% senior unsecured notes. The outlook for all ratings is stable. These ratings reflect OneAmerica's strong capital position, established niche position in its core retirement services line, well defined risk management practices and diversified sources of earnings and revenue.
AM Best Downgrades and Assigns Ratings to Teachers Auto Insurance ...
OLDWICK, N.J.--(BUSINESS WIRE)--A.M. Best Co. has downgraded the financial strength rating (FSR) to B++ (Good) from A- (Excellent) and assigned an issuer credit rating of "bbb" to Teachers Auto Insurance Company of New Jersey (Teachers) (Red Bank, NJ), formerly known as Lancer Casualty Company (Long Beach, NY). The outlook for both ratings is stable. These rating actions are a result of Teachers' acquisition by the High Point Group (Red Bank, NJ). Concurrently, the FSR of B++ (Good) has been affirmed and ICRs of "bbb" have been assigned to High Point Group and its members. The outlook for these ratings is stable. The FSR of B++ (Good) has been affirmed and ICRs of "bbb" have been assigned to the High Point Group and its following members: High Point Preferred Insurance Company High Point Property and Casualty Insurance Company High Point Safety and Insurance Company Twin Lights Insurance Company For Best's Ratings, an overview of the rating process and rating methodologies, please visit www.ambest.com/ratings.
Reliance Capital to pump Rs 2000 cr into life business
MUMBAI: Anil Ambani-led Reliance Capital plans to ramp up its life insurance business with an investment of over Rs 2,000 crore over the next few years. Addressing shareholders at the company's AGM in Mumbai, Reliance Capital chairman Anil Ambani said, "We will infuse over Rs 2,000 crore in life insurance business." The promoter group also indicated that talks were on for foreign investors in both the companies. Reliance is the only business group to go solo in life and non-life insurance. All other private insurance companies, barring Sahara Life, have inducted a foreign partner. Present laws allow foreign investment up to 26% in an insurance company. Both Reliance General Insurance and Reliance Life Insurance are the fastest-growing companies in their respective lines of business.
Uniqa Group interested to buy more stock in Astra
Uniqa, the Austrian group that became the majority shareholder of Astra-Uniqa, maintains that it is interested in buying up more stock in the insurance company, depending on its performance. Last month, the Austrians acquired another 23% stake in Astra from businessman Dan Adamescu; therefore coming to hold 50% plus one share in the company, after having purchased a 27% stake for 10 million euros in the summer of 2005.
"The deal through which we bought 23% is just one step. Whether or when we buy further stock depends on both the performance of the company and the market, however we'll always conduct our activities in agreement with Nova Trade," stated Norbert Heller, press relations officer at the Austrian group. .
Fitch Affirms Northwestern Mutual's IFS Rating at 'AAA'
CHICAGO--(BUSINESS WIRE)--Fitch Ratings has affirmed the insurer financial strength ratings (IFS) of The Northwestern Mutual Life Insurance Co. (NM) and Northwestern Long Term Care Insurance Co. (NLTC) as follows: Northwestern Mutual Life Insurance Company --Insurer financial strength (IFS) at 'AAA'. Northwestern Long Term Care Insurance Company --IFS at 'AAA'. In addition, Fitch has affirmed the 'AAA' rating on Frank Russell Co.'s senior notes, which are unconditionally guaranteed by NM. The Rating Outlook is Stable. NLTC is a wholly owned stock subsidiary of NM, and its financial strength rating reflects the strength of the entire NM organization, as well as the explicit capital support agreement between NM and NLTC.
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