A.M. Best Further Downgrades Rating of London Pacific Life & Annuity.Business Editors A.M. Best Co. has downgraded the financial strength rating of London Pacific Life & Annuity annuity: see insurance. annuity Payment made at a fixed interval. A common example is the payment received by retirees from their pension plan. There are two main classes of annuities: annuities certain and contingent annuities. Company (London Pacific), Raleigh, North Carolina For other uses of this name, see Raleigh. Raleigh (IPA: /ˈrɑli/, ral-ee) is the capital of the State of North Carolina and the county seat of Wake County. , to C++ (Marginal) from B (Fair). This action incorporates the continuing uncertainty about the company's prospects as a stand-alone entity as plans to improve its capital position have not yet been executed. In addition, London Pacific could face significant losses on its fixed maturity investment holdings, of which $10.5 million is in WorldCom The former name of MCI. Based in Jackson, MS, WorldCom, Inc. was a major, international telecommunications carrier. It was founded in 1983 by Bernard Ebbers as Long Distance Discount Service (LDDS), a reseller of AT&T WATS lines to small businesses. and affiliated issuers. Recent losses in the company's private equity and public debt portfolios have caused surplus to deteriorate de·te·ri·o·rate v. 1. To grow worse in function or condition. 2. To weaken or disintegrate. ; A.M. Best believes that London Pacific's regulatory capital may not meet required levels in the near term. Concurrently, A.M. Best Co. has withdrawn London Pacific's financial strength rating of C++ (Marginal) and assigned as·sign tr.v. as·signed, as·sign·ing, as·signs 1.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. it an NR-4 (Company Request). This is in response to management's request to withdraw from the interactive rating process. 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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