DUFF & PHELPS: MINISTERS LIFE INSURANCE COMPANY CLAIMS PAYING ABILITY RATED 'AAA'
CHICAGO, July 6 /PRNewswire/ -- Duff & Phelps Credit Rating Co. has rated the claims paying ability of Ministers Life Insurance Company (Ministers Life) and Northstar Life Insurance Company (Northstar) "AAA" (Triple-A). Ministers Life and Northstar are both wholly owned stock subsidiaries of Minnesota Mutual Life Insurance Company (Minnesota Mutual), whose claims paying ability is also rated "AAA" (Triple-A). The ratings of Ministers Life and Northstar are based on the financial strength of Minnesota Mutual and the importance the subsidiaries play in Minnesota Mutual's operations. Ministers Life, a mutual company with $33 million in premium income, $263 million in assets, and $18 million in adjusted surplus at December 31, 1992, was merged into Minnesota Mutual, effective July 1, 1993. On the same date, an existing stock subsidiary, adjustable Life, was then renamed Ministers Life to provide continuity to the Ministers Life name recognition. As a strategic marketing arm of Minnesota Mutual, the new Ministers Life will continue to provide life and disability insurance and annuity products in the religious professional market through its existing independent agency distribution system. The products sold by Ministers Life will be essentially those of Minnesota Mutual with a Ministers Life label but will include some product differentiation specific to the religious market. Minnesota Mutual has a dominant position in the mortgage insurance market, and in 1989 formed Northstar to write mortgage-related insurance products through financial institutions in the state of New York. Northstar had admitted assets of $9 million and adjusted surplus of $8 million at yearend 1992. -0- 7/6/93 /CONTACT: Martha M. Butler, CFA of Duff & Phelps Credit Rating Co., 312-368-3191/
CO: Minnesota Mutual Life Company ST: Minnesota IN: INS SU: RTG
MG -- NY032 -- 8621 07/06/93 12:25 EDT
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|Date:||Jul 6, 1993|
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