A.M. Best Raises Rating of American Memorial Life.Business Editors OLDWICK, N.J.--(BUSINESS WIRE)--June 3, 2002 A.M. Best Co. has raised the financial strength rating to A (Excellent) from A- (Excellent) of American Memorial Life Insurance Company, Rapid City, South Dakota Rapid City is a city located in the western part of South Dakota and is the second largest city in the state of South Dakota after Sioux Falls. Set against the eastern slope of the Black Hills, Rapid City is in the county of PenningtonGR6 USA. . The company is part of Fortis, Inc., 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 . A.M. Best views the rating outlook for American Memorial as stable. This rating action reflects Fortis' success in expanding its pre-need life insurance market presence with only minimal transitional issues since it purchased American Memorial late in 2000. This acquisition has also opened up a new and potentially very large source for premium income for Fortis. Additionally, over the past two years, American Memorial has reported much improved profitability while at the same time its book of business has expanded. Furthermore, it benefits from the vast financial resources Fortis can offer. American Memorial focuses on serving one particular funeral home chain. Fortis also markets pre-need coverages through an affiliate, Fortis Benefits Insurance Company, which are sold under the "Fortis Family" name. Fortis Family is run separately from American Memorial and primarily markets through independently-owned funeral homes. Together, American Memorial and Fortis Family are the leading writers of pre-need life insurance in 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. . While American Memorial writes approximately 90% of its new business through recently troubled Service Corporation International (SCI (Scalable Coherent Interface) An IEEE standard for a high-speed bus that uses wire or fiber-optic cable. It can transfer data up to 1GBytes/sec. (hardware) SCI - 1. Scalable Coherent Interface. 2. UART. ) -- the world's largest provider of funeral, cremation cremation, disposal of a corpse by fire. It is an ancient and widespread practice, second only to burial. It has been found among the chiefdoms of the Pacific Northwest, among Northern Athapascan bands in Alaska, and among Canadian cultural groups. and cemetery cemetery, name used by early Christians to designate a place for burying the dead. First applied in Christian burials in the Roman catacombs, the word cemetery came into general usage in the 15th cent. services -- the company has safeguards in place to minimize possible disruption disruption /dis·rup·tion/ (dis-rup´shun) a morphologic defect resulting from the extrinsic breakdown of, or interference with, a developmental process. of new business from this source, including an exclusive marketing agreement. However, A.M. Best believes the future amount of new business could be somewhat impacted by the financial well being of SCI. 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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