A.M. Best Assigns Debt Rating to 21st Century Insurance Group.Business Editors OLDWICK, N.J.--(BUSINESS WIRE)--Dec. 5, 2003 A.M. Best Co. has assigned as·sign tr.v. as·signed, as·sign·ing, as·signs 1. To set apart for a particular purpose; designate: assigned a day for the inspection. 2. a senior debt rating of "a-" to 21st Century Insurance Group's (Woodland Hills, CA) (NYSE NYSE See: New York Stock Exchange : TW) proposed issuance of $100 million of 10 year senior notes due 2013. The outlook for the rating is stable. 21st Century Insurance Group is expected to contribute $85 million to its insurance subsidiaries by year-end 2003. This capital contribution will be used to fund ongoing insurance operations and anticipated future growth. The financial strength rating of A+ (Superior) of 21st Century Insurance Company (Woodland Hills, CA) and its affiliates is unaffected by this action. A.M Best 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 rating with a stable outlook on June 17, 2003. The rating reflects 21st Century's strong 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. and leadership position in the California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). automobile market. These positive rating attributes are derived from its strong brand recognition, direct response marketing approach, emphasis on customer satisfaction and advanced use of technology. As a result, 21st Century maintains a significant expense advantage and an exceptional level of customer persistency relative to its peers. In addition, the rating recognizes 21st Century's strategic importance, operating benefits and financial flexibility derived from American International Group
American International Group, Inc. (AIG) (NYSE: AIG; TYO: 8685 ) is a major American insurance corporation based in New York City. , Inc., whose current ownership approximates 63%. The following debt rating has been assigned: 21st Century Insurance Group-- -- "a-" on the proposed issuance of $100 million of senior notes, due 2013 The financial strength rating of A+ (Superior) is unaffected for the following members of the 21st Century Insurance Group: -- 21st Century Insurance Company -- 21st Century Casualty Company -- 21st Century Insurance Company of Arizona Arizona (âr'əzō`nə), state in the southwestern United States. It is bordered by Utah (N), New Mexico (E), Mexico (S), and, across the Colorado R., Nevada and California (W). 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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