A.M. Best places "A+" ratings of ITT Hartford subsidiaries under review.OLDWICK, N.J.--(BUSINESS WIRE)--Feb. 10, 1997--Effective immediately, A.M. Best Co. has placed the "A+" (Superior) ratings of the 14 property/casualty members of the ITT ITT Initial Teacher Training (UK) ITT I Think That ITT Invitation To Tender ITT Individual Time Trial (professional cycling) ITT Intention-To-Treat ITT In This Thread (forums) Hartford Insurance Pool, led by Hartford Fire Insurance Co., and three of its life/health subsidiaries--Hartford Life Insurance Co., Hartford Life & Annuity Insurance Co. and Hartford Life & Accident Insurance Co.--under review with developing implications. This rating action follows today's announcement by the parent company, ITT Hartford Group Inc., that it has filed a registration statement with the SEC for the initial public offering of up to 20% of its life/health operations. The ratings will remain under review until the transaction is completed and A.M. Best has evaluated its impact on the financial leverage of ITT Hartford Group, as well as the capitalization capitalization n. 1) the act of counting anticipated earnings and expenses as capital assets (property, equipment, fixtures) for accounting purposes. 2) the amount of anticipated net earnings which hypothetically can be used for conversion into capital assets. of the Hartford Pool and its life/health subsidiaries. Depending on the success of the partial IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. , ITT Hartford Group's financial leverage would be reduced, Hartford Pool's capitalization enhanced, and the group's life/health operation positioned to support its own growth in the future. A.M. Best has been concerned with the diminished financial flexibility of ITT Hartford Group as a result of its issuance of Quarterly Income Preferred Securities in October 1996 to fund substantial additions to asbestos asbestos, mineral asbestos, common name for any of a variety of silicate minerals within the amphibole and serpentine groups that are fibrous in structure and more or less resistant to acid and fire. and pollution reserves. Successful execution of the IPO will lessen less·en v. less·ened, less·en·ing, less·ens v.tr. 1. To make less; reduce. 2. Archaic To make little of; belittle. v.intr. To become less; decrease. those concerns and stabilize stabilize See peg. the rating outlooks for Hartford Pool and its life/health subsidiaries. The offering is expected to occur in late April 1997. In addition to Hartford Fire Insurance, the property/casualty companies affected by this action are: Hartford Casualty Insurance Co., Hartford Accident & Indemnity Co., Hartford Underwriters Insurance Co., Sentinel Insurance Co. Ltd., Twin City Fire Insurance Co., Trumbull Insurance Co., Hartford Insurance Company of Illinois, Hartford Insurance Company of the Midwest, Hartford Insurance Company of the Southeast, Hartford Lloyd's Insurance Co., Nutmeg nutmeg, name applied to members of the family Myristicaceae. The true nutmeg (Myristica fragrans) is an evergreen tree native to the Moluccas but now cultivated elsewhere in the tropics and to a limited extent in S Florida. Insurance Co., Property & Casualty Insurance of Hartford, and Pacific Insurance Co. Ltd. A.M. Best Co., established in 1899, is America's oldest and most widely recognized insurance rating and information source. CONTACT: Jeffrey Dunsavage (908) 439-2200, ext. 5618 http://www.ambest.com |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion