A.M. Best Places Ratings of Manufacturers Life and Its Subsidiaries Under Review.Business Editors OLDWICK, N.J.--(BUSINESS WIRE)--Dec. 10, 2002 A.M. Best Co. has placed the financial strength ratings of A++ (Superior) of The Manufacturers Life Insurance Company (Manulife) (Toronto) and its strategic U.S. subsidiaries under review with negative implications (see list of rated subsidiaries below). This follows yesterday's announcement by Manulife that it will make an offer to acquire all outstanding common shares of Canada Life Financial Canada Life Financial Corporation TSX: CL is a Canadian company that offers life, health, and disability insurance for groups and individuals. Founded in 1847, it was acquired by The Great-West Life Assurance Company in 2003, after rejecting a hostile takeover bid by Corporation (Toronto) in a transaction valued at more than C$6.4 billion. The financial strength ratings of A+ (Superior) of Canada Life Assurance Company (Ontario) and its strategic subsidiaries are unaffected. Under the terms of the offer, Canada Life shareholders would receive C$40 cash or 1.055 shares of Manulife Financial Manulife Financial (NYSE: MFC, TSX: MFC, SEHK: 945, PSE: MFC), also known as The Manufacturers Life Insurance Company, is a major Canadian insurance company and financial services provider. for each Canada Life share. The offer will remain open for at least 60 days and is subject to approvals by the Minister of Finance and regulatory authorities Noun 1. regulatory authority - a governmental agency that regulates businesses in the public interest regulatory agency administrative body, administrative unit - a unit with administrative responsibilities . If approved, the anticipated closing of the offer is second quarter 2003. While A.M. Best views this offer as a key component of Manulife's growth strategy to become a leading global 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. company, this transaction involves a firm with relatively weaker ratings and possible integration challenges inherent in an acquisition of a firm that has international businesses in markets which Manulife does not operate. Moreover, as this offer is an unsolicited un·so·lic·it·ed adj. Not looked for or requested; unsought: an unsolicited manuscript; unsolicited opinions. unsolicited Adjective one, its structure may complicate com·pli·cate tr. & intr.v. com·pli·cat·ed, com·pli·cat·ing, com·pli·cates 1. To make or become complex or perplexing. 2. To twist or become twisted together. adj. 1. integration activities given the limited due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. performed on Canada Life. Manulife's ratings will remain under review while A.M. Best conducts review discussions with Manulife's management for Canada Life and Manulife's business plans and integration strategies. The financial strength ratings of A++ (Superior) have been placed under review with negative implications for the following subsidiaries of The Manufacturers Life Insurance Company: - The Manufacturers Life Insurance Company - The Manufacturers Life Insurance Company (U.S.A.) - The Manufacturers Life Insurance Company of New York 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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