Continental Life & Accident Asgnd 'BB' pi Rtg by S&P.NEW YORK--(BUSINESS WIRE)--Standard & Poor's CreditWire 6/22/98--Standard & Poor's today assigned as·sign tr.v. as·signed, as·sign·ing, as·signs 1. To set apart for a particular purpose; designate: assigned a day for the inspection. 2. its double-'B' pi insurer An individual or company who, through a contractual agreement, undertakes to compensate specified losses, liability, or damages incurred by another individual. An insurer is frequently an insurance company and is also known as an underwriter. financial strength rating to Continental Life & Accident Co. Continental Life & Accident is licensed in 38 states, and Texas is the principal state in which it operates. Continental Life's major business lines include group, accident, and health insurance. Continental Life is a member of the Conseco family of companies, which is a major insurance group. Continental Life & Accident was previously a member of the Pioneer Insurance Group. The company commenced operations in 1943. The following rating factors are incorporated in the double-'B' pi rating: -- The company's Standard & Poor's capital ratio of 84.2% is deemed potentially vulnerable, -- Continental Life's risk-adjusted and time-weighted return time-weighted return A rate-of-return measure of portfolio performance that gives equal weight to each period included in the study regardless of any differences in amounts invested in each period. on assets are both negative, -- The combination of a low liquidity ratio in the context of historical earning volatility is a limiting factor A factor or condition that, either temporarily or permanently, impedes mission accomplishment. Illustrative examples are transportation network deficiencies, lack of in-place facilities, malpositioned forces or materiel, extreme climatic conditions, distance, transit or overflight rights, , -- Conservative investments: the portfolio is invested mainly in high-grade bonds High-grade bond A bond with Triple-A or Double-A rating in Standard & Poor's, or Moody's rating system. and short-term deposits. -- No implicit support from Conseco is assumed at this time. Ratings denoted with a 'pi' subscript (1) In word processing and scientific notation, a digit or symbol that appears below the line; for example, H2O, the symbol for water. Contrast with superscript. (2) In programming, a method for referencing data in a table. are insurer financial strength ratings based on an analysis of published financial information and additional information in the public domain. The ratings do not reflect in-depth meetings with an insurer's management nor do they incorporate material nonpublic information Nonpublic information Information about a company that is not known by the general public, which will have a definite impact on the stock price when released. See: Insider trading. , and are therefore based on less comprehensive information than ratings without a pi subscript. Pi ratings are reviewed annually based on a new year's financial statements, but may be reviewed on an interim basis if a major event that may affect an insurer's financial security occurs. The pi rating process covers U.S. insurers to which Standard & Poor's previously assigned quantitative ('q') ratings, and may include information beyond that used to derive the previous quantitative-only ratings. Pi ratings are not modified with 'plus' or 'minus' designations, nor are they subject to potential CreditWatch listings, Standard & Poor's said.---CreditWire
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