A.M. Best Affirms Ratings of Assurant, Inc.Business Editors OLDWICK, N.J.--(BUSINESS WIRE)--June 10, 2004 A.M. Best Co. has affirmed the financial strength ratings of A (Excellent) or A- (Excellent) of Assurant, Inc.'s (NYSE NYSE See: New York Stock Exchange :AIZ AIZ Lake of the Ozarks, Missouri (Lee C. Fine Memorial Airport) AIZ Air Intercept Zone AIZ Anti Imperialistische Zelle(n) (German: Anti-Imperialistic Cell; now defunct terrorist group) ) (New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , NY) subsidiaries. Concurrently, A.M. Best has affirmed the senior debt ratings of "bbb" on Assurant, Inc.'s $500 million 5.625% 10-year senior notes and $475 million 6.75% 30-year senior notes. A.M. Best has also affirmed the commercial paper rating of AMB-2. The outlook for all ratings is stable. Assurant's diversified specialty insurance operations have reported favorable operating gains overall recently and continue to have excess capitalization for the current financial strength ratings. Additionally, Assurant's insurance entities can readily support the existing debt servicing obligations of the parent organization. At March 31, 2004, Assurant's debt to capital ratio was under 22%, with a favorable fixed charge coverage ratio. The group has strong presence in numerous niche insurance The introduction to this article provides insufficient context for those unfamiliar with the subject matter. Please help [ improve the introduction] to meet Wikipedia's layout standards. You can discuss the issue on the talk page. markets through its Assurant Solutions (consumer protection, specialty property and warranty businesses), Assurant Health (individual and small group major medical insurance), Assurant Employee Benefits (employee benefits products such as dental, group life and disability income) and Assurant Pre-Need (pre-need life insurance) business units. Historically, Assurant's management has taken a disciplined approach in focusing on maximizing long-term profitability for the group. Now that Assurant is a publicly-traded entity, it faces pressure from outside parties to supply additional top line growth, as well as to more efficiently utilize the capital within the organization. A.M. Best will be closely monitoring the organization in these areas for each of its operating units operating unit A type of operating company that engages in transactions with outsiders and that is owned by another business. For example, in 1995 the stockholders of Capital Cities/ABC approved a $19 billion merger with the Walt Disney Company, whereupon going forward. For a complete listing of Assurant, Inc's debt and financial strength ratings, please visit www.ambest.com/press/061001assurant.pdf. For current Best's Ratings Best's rating A rating A.M. Best Co. assigns to insurance companies based on the company's ability to meet its obligations to its policyholders. , 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/. For a list of A.M. Best's debt ratings, please visit http://www.ambest.com/debtratings/. 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 www.ambest.com. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion