S&P Revises American Chambers Life Ins. Co. Rtg to `R'.Business Editors NEW YORK--(BUSINESS WIRE)--Standard & Poor's April 6, 2000-- Standard & Poor's today revised its financial strength rating on American Chambers Life Insurance Co. (ACLIC) to 'R' from single-'Bpi'. An insurer rated 'R' is under regulatory supervision owing to owing to prep. Because of; on account of: I couldn't attend, owing to illness. owing to prep → debido a, por causa de its financial condition. This action follows the announcement of Mississippi Insurance Commissioner, George Dale George Dale was the lover and criminal partner of Eleanor Jarman, dubbed by the press "The Blonde Tigress," and was executed by the State of Illinois on April 20, 1934 for the murder of Chicago clothier Gustav Hoeh. , of the company's suspension as a result of financial impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. . Under the suspension, the company cannot write any new business in Mississippi. A revised financial statement filed by ACLIC on Feb. 28, 2000, revealed a $7.2 million capital and surplus defecit. ACLIC, based in Naperville, Ill. (and legally domiciled dom·i·cile n. 1. A residence; a home. 2. One's legal residence. v. dom·i·ciled, dom·i·cil·ing, dom·i·ciles v.tr. 1. in Ohio), is licensed in 38 states and mostly writes accident and health insurance for small groups. In assigning its prior single-'Bpi' financial strength rating to ACLIC, Standard and Poor's Noun 1. Standard and Poor's - a broadly based stock market index Standard and Poor's Index had cited the company's weak operating performance and weak capitalization due to rapid expansion into the accident and health insurance market, Standard & Poor's said. --CreditWire |
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