A.M. Best Affirms the Ratings of the American-Amicable Group, and Removes Ratings From Under Review.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 ratings of B++ (Very Good) of the American-Amicable Group (Group) (Texas). The ratings have been removed from under review with negative implications and assigned a negative outlook. These rating actions reflect the conclusion of A.M. Best's evaluations of the adverse publicity within the military base life insurance market surrounding improper sales practices by some agents with enlisted en·list·ed adj. Of, relating to, or being a member of a military rank below a commissioned officer or warrant officer. enlisted Adjective military personnel. A.M. Best believes the Group may be minimally impacted with respect to sales production and operating results in its core military life insurance business due to investigations by regulatory authorities Noun 1. regulatory authority - a governmental agency that regulates businesses in the public interest regulatory agency administrative body, administrative unit - a unit with administrative responsibilities and other constituencies. However, A.M. Best will continue to monitor the military life insurance industry and the ongoing market conduct examinations and remedies by regulatory authorities and the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. Congress. These rating actions also reflect the Group's improving risk-adjusted capitalization capitalization n. 1) the act of counting anticipated earnings and expenses as capital assets (property, equipment, fixtures) for accounting purposes. 2) the amount of anticipated net earnings which hypothetically can be used for conversion into capital assets. resulting from its consistently profitable operating performance, high credit quality fixed-income investment portfolio and management's initiatives to further diversify its target markets and product lines. The financial strength ratings of B++ (Very Good) have been affirmed with a negative outlook for the following companies of American-Amicable Group: --Pioneer Security Life Insurance Company --American-Amicable Life Insurance Company of Texas --Pioneer American Insurance Company --Occidental Life Insurance Company of North Carolina North Carolina, state in the SE United States. It is bordered by the Atlantic Ocean (E), South Carolina and Georgia (S), Tennessee (W), and Virginia (N). Facts and Figures Area, 52,586 sq mi (136,198 sq km). Pop. (a non-military life affiliate) 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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