DCR: CENTURY LIFE OF AMERICA CLAIMS PAYING ABILITY RATING UPGRADED FROM 'AA-' TO 'AA'
Chibchan-speaking Indian people who once occupied the central region of what is now Panama and the neighbouring San Blas Islands and who still survive in marginal areas. In the 16th century they lived in federated villages under chiefs who wielded considerable power. Mutual Insurance Society Claims Paying Ability Rating
Reaffirmed at 'AA'
CUMIS CUMIS Cambridge University Moving Image Studio (UK) Insurance Society, Inc. Claims Paying Ability Rating
Reaffirmed at 'AA'
CHICAGO, Nov. 13 /PRNewswire/ -- Duff & Phelps Credit Rating Co. (DCR) has upgraded the claims paying ability rating of Century Life of America (CLA) from 'AA-' (Double-A-Minus) to 'AA' (Double-A) and reaffirmed the claims paying ability ratings of both CUNA Mutual Insurance Society (CUNA Mutual) and its wholly owned property and casualty subsidiary, CUMIS Insurance Society, Inc. (CUMIS) at 'AA' (Double-A).
CLA has integrated a majority of its operations with CUNA Mutual over the last five years, and the rating upgrade reflects DCR's view of CLA and CUNA Mutual as a combined entity, and DCR's belief that CLA's increasingly close ties with CUNA Mutual will ultimately result in the merger of the two companies. CUNA Mutual and CLA entered into a "permanent affiliation" in 1990. As a result, the companies currently share common senior management, select board members, integrated operations, and strong financial ties due to reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. agreements. In addition, the board of directors for both CUNA Mutual and CLA each adopted a resolution expressing intent to merge the companies as soon as practical.
CUNA Mutual's very high claims paying ability rating continues to be supported by the company's strong market franchise in the credit union market place, adequate capitalization, and good asset quality. The rating also takes into consideration certain challenges CUNA Mutual faces that may pressure its rating going forward. The employee benefits division, which has historically been a good source of earnings for the company, is poorly positioned to compete in the health insurance market due to CUNA Mutual's limited managed care capabilities. Not only will the reduction in earnings need to be replaced, but more importantly, the inability to provide competitive health insurance to credit unions may allow competitors an opportunity to enter the credit union marketplace. Also, the joint marketing program done in conjunction with CLA, known as PLAN AMERICA, which distributes life and annuity products to credit union members, has fallen short of profitability targets and is being revitalized.
CUMIS's very high claims paying ability rating reflects the company's very profitable and consistent results in a well-defined market, high quality investment portfolio, strong capitalization, and a history of favorable loss development. The rating also takes into consideration the company's heavy concentration in a narrow segment of the property and casualty market, and the company's relatively small size when compared with other property/casualty companies in the 'AA' (Double-A) ratings class.
/CONTACT: John F. Bareiss, 312-368-3162, or Keith M. Buckley, CFA, 312-630-4674, both of Duff & Phelps/
CO: Century Life of America; CUNA Mutual Insurance Society;
CUMIS Insurance Society, Inc. ST: Iowa IN: INS SU: RTG RTG
abbreviation for ready to go; used in medical records.
PS -- NYM Nym
humorous thief and rogue. [Br. Lit.: Merry Wives of Windsor; Henry V]
See : Thievery
1. (tool, networking) nym - /nim/ (From the third syllable of "anonymous"; or "nym server") A server that functions as an anonymous remailer.
2. 095 -- 0154 11/13/95 11:30 EST EST electroshock therapy.