A.M. Best Affirms Ratings of Alfa Insurance Group, Alfa Life Insurance Corporation and Alfa Corporation.OLDWICK, N.J. -- A.M. Best Co. has 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 financial strength rating of A++ (Superior) of the subsidiaries of the Alfa Insurance Group (Alfa). Additionally, A.M. Best has affirmed the rating of A+ (Superior) of Alfa Life Insurance Corporation (Alfa Life). Concurrently, A.M. Best has affirmed the debt rating of AMB-1+ of Alfa Corporation's (NYSE NYSE See: New York Stock Exchange :ALFA) commercial paper program and the "aa" rating for the senior debt of $70 million, which is due in 2017. The outlook for all ratings is stable. Together, Alfa Mutual Insurance Company, Alfa Mutual Fire Insurance Company and Alfa Mutual General Insurance Company (Alfa Mutual Group) maintain majority ownership of Alfa Corporation at roughly 55% and have unconditionally guaranteed Unconditionally Guaranteed is the eighth LP by Captain Beefheart & the Magic Band, originally released in 1974. Upon release it was criticised for being too commercial, however it failed to give Beefheart any real chart success and peaked at #192 on the Billboard all outstanding commercial paper and long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. . All of the aforementioned companies are located in Montgomery, AL. The A++ (Superior) rating of Alfa reflects its outstanding capitalization and consistently strong operating returns. These positive factors are derived from Alfa's firmly entrenched en·trench also in·trench v. en·trenched, en·trench·ing, en·trench·es v.tr. 1. To provide with a trench, especially for the purpose of fortifying or defending. 2. personal lines market position in Alabama, efficient claims service center network and cost-effective exclusive agency distribution system. Furthermore, the rating acknowledges Alfa's well-established brand name in Alabama, exceptional business persistency and high customer loyalty, which is driven by outstanding customer service practices. Financial flexibility is made available through the Alfa Corporation, the Group's publicly-traded downstream holding company. The affirmation of the A+ (Superior) financial strength rating on Alfa Life reflects its strategic role as a member of the Alfa Group Alfa Group Consortium is one of Russia's largest privately owned financial-industrial conglomerates, with interests in oil and gas, commodities trading, commercial and investment banking (Alfa Bank), insurance, retail trade and telecommunications. , where the organization has established a strong market niche in the state of Alabama. The rating action also recognizes Alfa Life's steadily increasing new business production enhanced by the cross-selling strategies of the group and strong sales of its level term life and universal life products, positive operating performance and favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. stand-alone risk-adjusted capitalization. In addition to writing property/casualty and life/health business, Alfa is engaged in non-insurance operations such as consumer financing and commercial leasing. The financial strength rating of A++ (Superior) has been affirmed for the following subsidiaries of the Alfa Insurance Group: --Alfa General Insurance Corporation --Alfa Insurance Corporation --Alfa Mutual Insurance Company --Alfa Mutual Fire Insurance Company --Alfa Mutual General Insurance Company --Alfa Specialty Insurance Corporation --Virginia Mutual Insurance Company (afforded the same rating due to a quota share For This article is about quota shares (shares of the quota). For other usages of quota, see, see . A quota share is a specified number or percentage of the allotment as a whole (quota), that is prescribed to each individual entity (see Non-tariff barriers to trade). reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. agreement with Alfa Mutual Fire Insurance Company) The financial strength rating of A+ (Superior) has been affirmed for Alfa Life Insurance Corporation. The following debt ratings have been affirmed: Alfa Corporation-- --AMB-1+ on the commercial paper program --"aa"on $70 million senior notes, due 2017 For a list of A.M. Best's debt ratings, please visit http://www.ambest.com/debt. 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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