A.M. Best Affirms Rating of Industrial Alliance Insurance and Financial Services Inc. and Its Subsidiaries with a Stable Outlook.OLDWICK, N.J. -- A.M. Best Co. has affirmed the financial strength rating of A (Excellent) of Industrial Alliance Insurance and 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. Inc. (IA) (Sillery, Quebec) and its subsidiaries, Industrial-Alliance Pacific Life Insurance Company (Vancouver, British Columbia British Columbia, province (2001 pop. 3,907,738), 366,255 sq mi (948,600 sq km), including 6,976 sq mi (18,068 sq km) of water surface, W Canada. Geography ) and The National Life Assurance Company of Canada (Toronto, Ontario). Additionally, A.M. Best has assigned the issuer credit rating of "a+" of IA. Concurrently, A.M. Best has affirmed the debt ratings of "bbb+" on CAD150 million trust securities - Series A, due 2013 of Industrial Alliance Capital Trust and "a-" on CAD150 million 5.13% subordinated debentures subordinated debenture An unsecured bond with a claim to assets that is subordinate to all existing and future debt. Thus, in the event that the issuer encounters financial difficulties and must be liquidated, all other claims must be satisfied before , due 2019 of IA. The outlook on all ratings is stable. These rating affirmations reflect the strong market presence that IA maintains in individual life insurance, the retirement savings arena and its good market position in the smaller case group market. Outside of Quebec, IA operations are represented mainly through its two subsidiaries, which gives IA better market penetration Noun 1. market penetration - the extent to which a product is recognized and bought by customers in a particular market penetration - the act of entering into or through something; "the penetration of upper management by women" across Canada Across Canada was an afternoon program that formerly aired on The Weather Network. The segment ran from early 1999 until mid 2002. The show ran from 3:00PM ET until 7:00 PM ET. . This provides IA with lower cost distribution and allows IA to diversify its product lines. The group's overall risk-adjusted capitalization remains adequate for its current rating. Partially offsetting these strengths are the challenges to expand its market presence in the increasingly competitive Canadian market, specifically in the group insurance and group pension business lines, which are dominated by larger players. IA's demutualization Demutualization The process of changing corporate structure from a mutual fund company to some other form, such as a limited liability or corporation. Notes: This means mutual/life insurance companies convert from policyholder companies to stock companies. gave it the ability to access the capital markets, which it did in July 2003 when it issued $150 million of Industrial Alliance Trust Securities - Series A ("IATS IATS Integrated Automated Travel System IATS Intake Air Temperature Sensor IATS International Automated Transactions Services IATS Intermediate Avionics Test Set IATS Information Access and Technology Services (University of Missouri - Columbia) "). Debt and preferred securities issued in connection with the Seaboard Life acquisition was retired in 2004, and although $150 million in new subordinated debt Subordinated Debt A loan (or security) that ranks below other loans (or securities) with regard to claims on assets or earnings. Also known as "junior security" or "subordinated loan". has been issued, overall financial leverage ratios have improved. Industrial Alliance Insurance and Financial Services Inc. is the fifth largest life and health organization in Canada, insuring over 1.7 million Canadians and administering $25.5 billion in assets. The following debt ratings have been affirmed with a stable outlook: Industrial Alliance Capital Trust-- -- "bbb+" on CAD150 million trust securities - Series A, due 2013 Industrial Alliance Insurance and Financial Services Inc.-- -- "a-" on CAD150 million 5.13% subordinated debentures, due 2019 The issuer credit rating of "a+" has been assigned with a stable outlook to Industrial Alliance Insurance and Financial Services Inc. For a list of A.M. Best's debt ratings, please visit http://www.ambest.com/debt. For current Best's Ratings, independent data and analysis on more than 1,050 health companies and more than 130 HMO HMO health maintenance organization. HMO n. A corporation that is financed by insurance premiums and has member physicians and professional staff who provide curative and preventive medicine within certain financial, industry composites please visit http://www.ambest.com/health/. A.M. Best Co., established in 1899, is the world's oldest and most authoritative insurance rating and information source. For more information, visit A.M. Best's Web site at http://www.ambest.com. |
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