A.M. Best Affirms Hartford Life And Affiliates, Removes Ratings From Under Review.OLDWICK, N.J.--(BUSINESS WIRE)--Sept. 9, 1997--Effective immediately, A. M. Best has removed from under review and affirmed af·firm v. af·firmed, af·firm·ing, af·firms v.tr. 1. To declare positively or firmly; maintain to be true. 2. To support or uphold the validity of; confirm. v.intr. the "A+" (Superior) ratings of Hartford Life Insurance Co. and its affiliates, ITT ITT Initial Teacher Training (UK) ITT I Think That ITT Invitation To Tender ITT Individual Time Trial (professional cycling) ITT Intention-To-Treat ITT In This Thread (forums) Hartford Life & Annuity Insurance Co. and Hartford Life & Accident Insurance Co., all of Hartford, Conn. This rating action follows the completion of A.M. Best's review of Hartford Life's financial and strategic positions following its parent company's (Hartford Life, Inc.) initial public offering. The company had been placed under review following its ultimate parent (Hartford Financial Services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. Group, Inc.) announced that it intended to sell approximately 20% of Hartford Life, Inc. to the public. The affirmation A solemn and formal declaration of the truth of a statement, such as an Affidavit or the actual or prospective testimony of a witness or a party that takes the place of an oath. An affirmation is also used when a person cannot take an oath because of religious convictions. reflects the continued strong capitalization capitalization n. 1) the act of counting anticipated earnings and expenses as capital assets (property, equipment, fixtures) for accounting purposes. 2) the amount of anticipated net earnings which hypothetically can be used for conversion into capital assets. of the life insurance units, the considerable expense advantages emerging from its scale of operations, its dominant position in the individual annuity market, the strength and national presence of its distribution sources, improving earnings performance and its conservative financial management strategies. The rating also acknowledges the diversification Diversification A risk management technique that mixes a wide variety of investments within a portfolio. It is designed to minimize the impact of any one security on overall portfolio performance. Notes: Diversification is possibly the greatest way to reduce the risk. of revenue and earnings sources provided by its large employee benefits and its individual life operations. Over the past several years, Hartford Life has been one of few individual annuity writers that have demonstrated the ability to annually increase sales activity. This has been achieved largely through the development of innovative and competitive products designed to meet the needs of dynamic market environments and its focus on continuing to expand on its extensive distribution network. A.M. Best believes these strengths, combined with earnings enhancements resulting from its increasing structural expense advantages, will continue to provide Hartford Life sustainable competitive advantages over the medium term. Additionally, A.M. Best has affirmed the "A+" (Superior) rating of American Maturity Life Insurance Co., the "A" (Excellent) rating of ITT Hartford International Life Reassurance REASSURANCE. When an insurer is desirous of lessening his liability, he may procure some other insurer to insure him from loss, for the insurance he has made this is called reassurance. Co., and the "NR-3" designation of Alpine Life Insurance Co. A.M. Best Co., established in 1899, is America's oldest and most widely recognized insurance rating and information source. CONTACT: A.M. Best Jeffrey Dunsavage 908/439-2200, ext. 5618 dunsavj@ambest.com |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion