SAFECO's Ratings Upgraded, Affirmed by A.M. Best Co.Business EditorsSEATTLE--(BUSINESS WIRE)--March 24, 2000 SAFECO's (Nasdaq:SAFC SAFC South Australian Film Corporation SAFC Sunderland Association Football Club SAFC Securities America Financial Corporation SAFC South Australia Film Corporation SAFC Stirling Albion Football Club (UK) ) American States Life Insurance Co. subsidiary's financial strength rating has been upgraded from "A" to "A+" (Superior) by A.M. Best Co. The A+ ratings of SAFECO's other two life insurance affiliates, SAFECO Life Insurance Co. and First SAFECO National Life Insurance Co. of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , as well as the 12 members of its property/casualty pool, were affirmed af·firm v. af·firmed, af·firm·ing, af·firms v.tr. 1. To declare positively or firmly; maintain to be true. 2. To support or uphold the validity of; confirm. v.intr. . SAFECO's senior debt rating of "a+" was also affirmed. A.M. Best Co. stated that "the upgrade of American States Life reflects the organization's substantial progress in consolidating the company's back-office administrative functions with SAFECO Life, while integrating the product manufacture and distribution of individual life and annuity products across the enterprise." The affirmation of the ratings of SAFECO's other life companies, "reflects the organization's conservative management practices, well-established market positions, operational balance of its highly focused core business segments, and strong risk-adjusted capitalization." According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. A.M. Best Co., the property/casualty ratings are based on SAFECO's strong franchise in the domestic property/casualty market -- where it is one of the 15 largest property/casualty groups in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. based on net premiums written -- as well as its strong historical operating results, and conservative underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. and reserving philosophies. The ratings firm stated that "the 1997 acquisition of American States -- a leading writer in the small-account commercial lines property/casualty market -- further enhances the organization's competitive standing and broadens its market presence, while providing geographic and product diversification, as well as additional scale." A.M. Best Co., established in 1899, is the world's oldest and most authoritative insurance rating and information source. For more information visit its Web site at www.ambest.com. SAFECO, in business since 1923, is a Fortune 500 diversified financial The diversified financial services segment includes a range of consumer and commercially-oriented companies offering a wide variety of products and services, including various lending products (such as home equity loans and credit cards), insurance, and securities and investment services company based in Seattle. Its more than 17,000 partners, including agents, brokers, financial professionals, and wholesalers, together provide premier insurance and financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. through a variety of channels, including the Internet, to individual and business customers. More information about SAFECO is on its Web site, www.safeco.com. |
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