A.M. Best Affirms and Assigns Ratings to Universal Underwriters Life Insurance; Affirms Ratings of Universal Underwriters and Its Subsidiary.OLDWICK, N.J. -- A.M. Best Co. has announced that the financial strength rating (FSR (Free System Resource) In Windows 3.x, the amount of unused memory in various 64K blocks reserved for managing current applications. Every open window takes some space in this area. See Windows memory limitation. ) of A (Excellent) and the issuer credit rating (ICR (Intelligent Character Recognition or Image Character Recognition) The machine recognition of hand-printed characters as well as machine printing that is difficult to recognize. ) of "a" of Universal Underwriters Insurance Company (UUIC UUIC Universal Underwriters Insurance Company ) (Overland Park Overland Park, city (1990 pop. 111,790), Johnson co., NE Kans., a residential suburb of Kansas City; inc. 1960. There is printing and publishing, and the manufacture of apparel, aircraft parts, cement, prepared foods, salt, chemicals, marine accessories, and signs. , KS) and its wholly-owned subsidiary, Universal Underwriters of Texas Insurance Company (Plano, TX), are affirmed following the announcement by Zurich Insurance Company (Zurich) (Switzerland) of the cancellation of the sale of these two property/casualty insurers and Universal Underwriters Life Insurance Company (UULIC) (Overland Park, KS) to an investor group led by venture capitalist Venture Capitalist An investor who provides capital to either start-up ventures or support small companies who wish to expand but do not have access to public funding. Notes: Venture capitalists usually expect higher returns for the additional risks taken. firm Hellman & Friedman, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control . At the same time, A.M. Best has affirmed the FSR of A- (Excellent) and assigned an ICR of "a-"to UULIC. All ratings have a stable outlook. Furthermore, A.M. Best has removed UUIC from the group rating of Zurich as it no longer qualifies for this rating due to not being viewed by A.M. Best as an integral part of Zurich's long-term strategy, despite explicit support from Zurich via a 100% 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. arrangement. The rating of UULIC reflects its role as the life insurance writer within the Universal Underwriters Group. UULIC's focus is primarily on the sale of credit life and credit accident and health insurance products to the group's customer base. UULIC's rating also reflects its strong risk-adjusted capitalization and positive net operating results on a stand-alone basis. A.M. Best remains concerned about the company's recent decline in capital and surplus, its declining premium levels and narrow operating profile. Going forward, A.M. Best will be closely monitoring the strategic role UULIC plays in the overall organization, as well as its contribution to the group's future earnings. For Best's Ratings, an overview of the rating process and rating methodologies, please visit www.ambest.com/ratings. 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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