A.M. Best Downgrades Ratings of Northstar Life Insurance Company.OLDWICK, N.J. -- A.M. Best Co. has downgraded 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. ) to A (Excellent) from A+ (Superior) 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. ) to "a+" from "aa" of Northstar Life Insurance Company (Northstar) (Ithaca, NY) (now known as Fort Dearborn Fort Dearborn, U.S. army post on the Chicago River, NE Ill.; est. 1803 and named for Secretary of War Henry Dearborn. Threatened by the indigenous population at the start of the War of 1812, the frontier post was ordered by Gen. William Hull to evacuate. On Aug. Life Insurance Company of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of ) (FDL FDL Free Documentation License FDL FireDogLake (website) FDL Fond du Lac (Wisconsin, US) FDL Facilities Data Link FDL Facility Data Link FDL File Definition Language FDL Flexor Digitorum Longus NY). The outlook for both ratings is stable. Effective July 1, 2007, Northstar was acquired by Fort Dearborn Life Insurance Company (FDL) from the Securian Financial Group (Minnesota). FDL purchased 100% of the outstanding Northstar common stock on this date and renamed the company Fort Dearborn Life Insurance Company of New York. FDL NY is a subsidiary of FDL, a life insurance provider domiciled in Illinois, which is a subsidiary of Health Care Service Corporation, a Legal Mutual Reserve Company (Chicago, IL). Both FDL and Health Care Service Corporation are currently rated A+ (Superior). FDL NY will commence business operations after filing and receiving approval from the New York State Department of Insurance for products intended to be offered in the market. Upon commencement of operations, FDL will transfer into the newly formed entity a block of business to be acquired from HM Insurance Company of New York (HM), subject to regulatory approval. The Northstar acquisition completes FDL's national plan to offer insurance products in all 50 states, the District of Columbia District of Columbia, federal district (2000 pop. 572,059, a 5.7% decrease in population since the 1990 census), 69 sq mi (179 sq km), on the east bank of the Potomac River, coextensive with the city of Washington, D.C. (the capital of the United States). and the U.S. and British Virgin Islands British Virgin Islands A British colony in the eastern Caribbean east of Puerto Rico and the U.S. Virgin Islands. Road Town, on Tortola Island, is the capital. Population: 21,700. Noun 1. . The ratings of FDL NY are based on the support of FDL, which includes its product knowledge, pricing and systems support, as well as implicit support of capital from FDL, if needed. Furthermore, A.M. Best recognizes that FDL NY is more than adequately capitalized in support of its near-term business risk. Offsetting factors include the challenges of entering a competitive market, developing pricing strategies, establishing business relationships and retaining the HM business that will be acquired. For Best's Ratings, an overview of the rating process and rating methodologies, please visit www.ambest.com/ratings. Founded in 1899, A.M. Best Company is a full-service credit rating organization dedicated to serving the financial services industries, including the banking and insurance sectors. For more information, visit www.ambest.com. |
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