A.M. Best Assigns Rating to RBC Life Insurance Company.Business Editors OLDWICK, N.J.--(BUSINESS WIRE)--May 16, 2001 A.M. Best Co. has assigned an A (Excellent) financial strength rating to RBC RBC red blood cell. RBC or rbc abbr. red blood cell RBC, n See red blood cell count. RBC red blood cells; red blood (cell) count (see blood count). Life Insurance Company, the life insurance division of RBC Insurance, located in Mississauga, Ontario For the First Nation, see . Mississauga (pronounced: [ˌmɪsɪˈsɑgə] listen , Canada. RBC Insurance is the insurance operation of Royal Bank of Canada Bank of Canada Canada's central bank, established under the Bank of Canada Act (1934). It was founded during the Great Depression to regulate credit and currency. The Bank acts as the Canadian government's fiscal agent and has the sole right to issue paper money. . This initial rating is based on the strength of RBC Life's 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. , diversified distribution channels and profitable operations as well as the overall strength and stability of both RBC Insurance and Royal Bank of Canada. The capitalization of RBC Life is adequate for the current insurance and investment risks presently accepted. RBC Insurance manufactures and distributes a wide range of products including life, health, creditor, travel, home, auto and 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. . In Canada, RBC Insurance enjoys a leading market position in the creditor and travel insurance areas and is a major provider of new life insurance policies. RBC Insurance generated over $1 billion in premiums in 2000 (excluding Liberty Life which generated over $400 million in premiums in 2000). With offices across Canada Across Canada was an afternoon program that formerly aired on The Weather Network. The segment ran from early 1999 until mid 2002. The show ran from 3:00PM ET until 7:00 PM ET. , RBC Life manufactures and distributes a wide range of individual and group life and health insurance products, with a particular focus on term and universal life products. These products are distributed through independent brokers, a proprietary sales force and direct channels. RBC Life Insurance Company was a significant contributor to the overall operations of RBC Insurance, generating more than $350 million in premiums in 2000. Royal Bank of Canada has demonstrated a strong commitment to the insurance business. Insurance is one of Royal Bank's five business segments, representing the Bank's commitment to the growing size and potential of RBC Insurance. Royal Bank has provided ongoing support to the insurance business for start-ups and acquisitions, most recently with the expansion of its insurance presence outside of Canada with the acquisitions of Liberty Life Insurance Company and Liberty Insurance Services Corporation, both based in South Carolina South Carolina, state of the SE United States. It is bordered by North Carolina (N), the Atlantic Ocean (SE), and Georgia (SW). Facts and Figures Area, 31,055 sq mi (80,432 sq km). Pop. (2000) 4,012,012, a 15. , as well as certain assets of Genelco Incorporated of St. Louis, Missouri. A.M. Best expects Royal Bank to continue to support RBC Life's growth initiatives, however, it does not expect the current capitalization levels on a risk adjusted basis, to strengthen in the future. Although A.M. Best believes RBC Life faces considerable challenges in building a more significant market share in universal life and achieving needed economies of scale in the highly competitive Canadian individual life insurance market, the company has demonstrated its ability to grow historically through both acquisitions and internally generated revenue sources. Also, A.M. Best 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 "A" (Excellent) financial strength rating of Liberty Life Insurance Company, Greenville, South Carolina
Greenville is a mid-sized city located in the upstate of South Carolina. It is the county seat of Greenville CountyGR6 , reflecting its role as the U.S. based life insurance operation of Royal Bank of Canada. 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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