A.M. Best Places Rating of First ING Life Insurance Company of New York Under Review; Affirms Ratings of Ohio National and Security Mutual.Business Editors OLDWICK, N.J.--(BUSINESS WIRE)--May 4, 2001 A.M. Best Co. has placed the A+ (Superior) financial strength rating of First ING 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 (First ING) under review with developing implications. The rating action follows the announcement that the company has completed an agreement of sale to be jointly owned by Ohio National Financial Services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. , Inc. (Ohio National) and Security Mutual Life Insurance Company of New York (Security Mutual). At the same time, A.M. Best has affirmed the A+ (Superior) financial strength rating of Ohio National's insurance subsidiaries, The Ohio National Life The Ohio National Life Insurance Company, is headquartered in Cincinnati, Ohio. It was originally founded as a stock company in 1909 but converted to mutual company status in 1959. In 1998, Ohio National reorganized as a mutual insurance holding company. Insurance Company and Ohio National Life Assurance Corp. and the A (Excellent) financial strength rating of Security Mutual. First ING will be renamed National Security Life and Annuity Company and will remain domiciled dom·i·cile n. 1. A residence; a home. 2. One's legal residence. v. dom·i·ciled, dom·i·cil·ing, dom·i·ciles v.tr. 1. in New York. Ohio National is not licensed in New York and this venture will give Ohio National access to the New York market. This will enhance Ohio National's growing Institutional Sales distribution system, which has preferred-status selling agreements with PaineWebber, Prudential Securities and others. Ohio National expects significant variable annuity Variable Annuity An insurance contract in which, at the end of the accumulation stage, the insurance company guarantees a minimum payment. The remaining income payments can vary depending on the performance of the managed portfolio. new business production in the New York market. Security Mutual does not currently offer variable life and annuity products. This venture will provide its agency and brokerage distribution system with a portfolio of variable products manufactured by National Security L&A in the New York and surrounding markets. Ohio National will perform the principal backroom back·room n. or back room 1. A room located at the rear. 2. The meeting place used by an inconspicuous controlling group. adj. 1. functions for National Security L&A, including product development and pricing, underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. , separate account filing and management, policy issue and administration. The rating of First ING will remain under review until the sale has been completed following approval by the New York Insurance Department. 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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