A.M. Best Places LifeUSA's A- Best Rating Under Review.OLDWICK, N.J.--(BUSINESS WIRE)--May 17, 1999-- A.M. Best Co. today placed the A- (Excellent) Best Rating of LifeUSA Insurance Co. under review with positive implications. This action follows today's announcement by Allianz Life Insurance Co. of North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. that it will acquire Life USA Holding Inc., the parent of LifeUSA Insurance Co., Minneapolis. Allianz Life, which is owned by Munich, Germany-based Allianz AG--one of the largest insurance groups in the world-- already owns approximately 25% of Life USA Holdings. A.M. Best believes LifeUSA's innovative product portfolio and extensive distribution system will benefit from and contribute to the increased presence of Allianz in North America. Allianz Life and LifeUSA have a long-term relationship including 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. , and cross-selling of products as well as the increased ownership stake by Allianz in Life USA Holdings. Upon completion of the transaction, Allianz Life and Life USA will continue to operate as individual companies. Robert MacDonald Robert MacDonald may refer to:
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. , long-term care long-term care (LTC), n the provision of medical, social, and personal care services on a recurring or continuing basis to persons with chronic physical or mental disorders. and mutual fund products from an extensive distribution system numbering in excess of 70,000 licensed producers. Allianz Life agreed to the transaction, which is still subject to the approval of Allianz AG's board. A closing is expected in September, pending Life USA shareholder and regulatory approvals. The A+ (Superior) Best's Ratings Best's rating A rating A.M. Best Co. assigns to insurance companies based on the company's ability to meet its obligations to its policyholders. of Allianz Life Insurance Co. of North America and its 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 subsidiary, Preferred Life Insurance Co. of New York, are unaffected by this transaction. A.M. Best Co., established in 1899, is America's oldest and most widely recognized insurance rating and information source. For more information, visit A.M. Best's Web site at www.ambest.com. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion