A.M. Best Upgrades Rating of Maritime Life Assurance Company; Removes From Under Review.Business EditorsOLDWICK, N.J.--(BUSINESS WIRE)--April 28, 2004 A.M. Best Co. has upgraded the financial strength rating to A++ (Superior) from A+ (Superior) of The Maritime Life The Maritime Life Assurance Company was a Canadian insurance company based in Halifax, Nova Scotia. It was founded in 1922 and in 2004 it became fully integrated with Manulife Financial, with the Maritime Life brand being retired. In 2004 it employed 2700 employees. Assurance Company (MLAC MLAC Massachusetts Legal Assistance Corporation MLAC Mechanized Loop Assignment Center MLAC Mammoth Lakes, California MLAC Missing Logical and in Expression Used as Branch Condition (software fault) ) (Halifax, Canada). The rating has been removed from under review with positive implications and assigned a stable outlook. Concurrently, A.M. Best has upgraded the debt ratings to "a+' from "a" on CAD 100 million 6.1%, CAD 97.1 million and CAD 35 million of the preferred stocks Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. of MLAC. The outlook for all ratings is stable. The rating action follows the closing of the merger 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. Corporation (Ontario) and John Hancock 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. (Boston). The financial strength ratings of Manufacturers Life Insurance Company (Manulife) (Toronto), John Hancock Life Insurance Company (Boston) and each company's U.S. subsidiaries are unaffected. The debt ratings of Manulife Financial Corporation and John Hancock Financial Services, Inc. are unaffected as well. The rating action also reflects MLAC's role as a core Canadian life operating unit operating unit A type of operating company that engages in transactions with outsiders and that is owned by another business. For example, in 1995 the stockholders of Capital Cities/ABC approved a $19 billion merger with the Walt Disney Company, whereupon of Manulife, which benefits from incremental Additional or increased growth, bulk, quantity, number, or value; enlarged. Incremental cost is additional or increased cost of an item or service apart from its actual cost. scale and a ranking of first or second in virtually all combined entity Canadian product lines. Furthermore, Manulife's strategic opportunities in Canada are enhanced by expanded distribution and access to new products through MLAC's managing general agency relationships and individual disability insurance, respectively. A.M. Best also notes that Manulife will benefit from significant cost savings in Canada through its integration of MLAC. The following debt ratings have been upgraded with a stable outlook: The Maritime Life Assurance Company-- -- to "a+' from "a" on CAD 100 million 6.1% preferred stock non-cumulative, due 2007 -- to "a+' from "a" on CAD 97.1 million preferred stock non-cumulative, due 2004 -- to "a+' from "a" on CAD 35 million preferred stock, due 2011 For a list of A.M. Best's debt ratings, please visit http://www3.ambest.com/debtratings/. 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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