A.M. Best Places MMI, Unionamerica Under Review Following Announcement of Planned Acquisition.OLDWICK, N.J.--(BUSINESS WIRE)--June 25, 1997--Effective immediately, A.M. Best Co. has placed the "A" (Excellent) rating of MMI (Man Machine Interface) See HMI. 1. MMI - Man-Machine Interface. 2. (company) MMI - The company which developed the first Programmable Array Logic devices. MMI was bought by AMD. Cos. Group and the "A-" (Excellent) Rating of Unionamerica Insurance Co. Ltd. under review with developing implications. MMI's rating applies to American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of Continental Insurance Co. (ACIC ACIC Arkansas Crime Information Center ACIC Aeronautical Chart and Information Center (military aviation support organization) ACIC Association of California Insurance Companies (Sacramento, CA) ) and its affiliate, Health Providers Insurance Co., which reinsures with ACIC. The "B++" (Very Good) rating on American Continental Life Insurance Co. -- a life/health subsidiary of the MMI Cos. -- is not affected by this transaction. The rating action follows MMI's announcement that it has signed an acquisition agreement in connection with the proposed acquisition of Unionamerica Holdings plc, the ultimate parent of Unionamerica Insurance. Under terms of the offer, which will be accounted for as a pooling of interests Pooling of Interests An accounting method, used in mergers and acquisitions, where the balance sheet items of the two companies are simply added together. Notes: The opposite of pooling of interests is the purchase acquisition method. , MMI will offer to acquire one ordinary share of Unionamerica Holdings for 0.836 shares of MMI common stock. The ratings will remain under review pending the completion of the transaction and A.M. Best's review of the integration plans and consolidated financial condition of the combined entities. Additionally, the review will focus on the benefits this transaction presents, including the opportunity for MMI to accelerate its global marketing efforts. The transaction -- which is subject to a number of conditions, including regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. approval in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and United Kingdom -- is expected to close during the fourth quarter of 1997. A.M. Best Co., established in 1899, is America's oldest and most widely recognized insurance rating and information source. CONTACT: A.M. Best Jeffrey Dunsavage, 908/439-2200, ext. 5618 dunsavj@ambest.com |
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