A.M. Best Affirms Ratings of Eight Canadian Life Insurers.Business Editors OLDWICK, N.J.--(BUSINESS WIRE)--May 23, 2003 A.M. Best Co., the global insurer An individual or company who, through a contractual agreement, undertakes to compensate specified losses, liability, or damages incurred by another individual. An insurer is frequently an insurance company and is also known as an underwriter. ratings and information provider, 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 public data (pd) ratings for eight Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. life insurers. A.M. Best provides rating coverage for a majority of Canadian life insurers, allowing the greatest rating penetration of any rating agency in the Canadian market. A.M. Best uses "pd" ratings to describe the long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. financial strength of an insurer or reinsurer re·in·sure tr.v. re·in·sured, re·in·sur·ing, re·in·sures To insure again, especially by transferring all or part of the risk in a contract to a new contract with another insurance company. . A.M. Best uses the same rating scale and definitions as it does for its long-term financial strength interactive ratings but applies a "pd" rating modifier (programming) modifier - An operation that alters the state of an object. Modifiers often have names that begin with "set" and corresponding selector functions whose names begin with "get". to ensure the user is aware of the more limited information basis for the rating. An interactive A.M. Best rating is produced at the request of the insurer. The rating process includes detailed interviews of senior management and access to non-public data and other information. Information on issues, which typically would be only limited information in the public domain, play a significant part in the interactive rating analysis. A.M. Best interactively rates the vast majority of life insurers in Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of . For the remaining companies, A.M. Best is restricted to publicly available information as a basis for its rating opinion. The analysis behind "pd" ratings seeks to incorporate all relevant information available in the public domain on the insurer. As with A.M. Best's interactive rating process, "pd" ratings incorporate a review of balance sheet strength, operating performance and business profile. Moreover, A.M. Best's "pd" rating analysis reflects knowledge of the company's peers, the market sector(s) in which the company operates and the strategic and financial outlook for those sectors. Concurrently con·cur·rent adj. 1. Happening at the same time as something else. See Synonyms at contemporary. 2. Operating or acting in conjunction with another. 3. Meeting or tending to meet at the same point; convergent. , the "pd" rating is based on a detailed review by a committee of experienced A.M. Best insurance analysts. They present the most informed view A.M. Best can offer, short of an insurer participating in the full interactive rating process. A.M. Best has affirmed the "pd" ratings of the following eight Canadian life/health companies: -- CIGNA Life Insurance Company of Canada B+pd -- CUMIS Life Insurance Company B++pd -- GAN VIE Compagnie Francaise d'Assurance sur la vie (CAB) Bpd -- Reliable Life Insurance Company B+pd -- Scotia Life Insurance Company B++pd -- Unity Life of Canada B+pd -- Equitable Life Insurance Company of Canada B++pd -- Desjardins Financial Security A-pd 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. |
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