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SEVEN FORTIS COMPANIES RECEIVE 'AA' STANDARD & POOR'S RATING

 SEVEN FORTIS COMPANIES RECEIVE 'AA' STANDARD & POOR'S RATING
 NEW YORK, April 14 /PRNewswire/ -- Fortis, Inc. (NASDAQ: FORT) a $4.5 billion U.S. holding company for a network of speciality insurance and financial service companies, received 'AA' ratings for seven of its companies reviewed by Standard & Poors (S&P). As defined by S&P, insurers rated 'AA' offer "excellent financial security." S&P assigned 'AA' to the four members of Fortis' life and Health Group: Time Insurance Company. Fortis Benefits Insurance Company, First Fortis Life Insurance Company and United Family Life Insurance Company. An 'AA' claims paying ability rating was also assigned to American Security Group and the three operating companies comprising the group, American Security Insurance Company, Standard Guaranty and Union Security Life Insurance Company.
 Allen Freedman, chairman and chief executive officer of Fortis, Inc., said, "We are very pleased with Standard & Poor's recognition of the financial strength and promise of Fortis' many businesses. We share their confidence that our strategy, to be a leader in each of the market segments we target, will deliver a profitable future."
 S&P indicated the 'AA' ratings assigned to the Fortis group were based upon Fortis' "dominant positions in chosen markets, strong earnings and fairly conservative investment portfolio." The Fortis insurance businesses were cited for the following distinctions:
 -- Time Insurance is the seventh largest provider of individual medical insurance;
 -- Fortis benefits (including the recently acquired Mutual Benefit's Life's group business) is expected to be the nation's fourth largest provider of disability insurance:
 -- United Family Life Insurance Co. is the second largest provider of life insurance products designed to pre-fund funerals;
 -- First Fortis Life Insurance Co. is a New York-based insurer that writes business through three other group members as well as through the companies in the American Security Group; and
 -- American Security group, including two property and casualty companies is noted for its solid operating performance and strong market positions in its chosen niches.
 Gordon Gaddy, president and chief operating officer of Fortis Inc., said, "Standard & Poor's 'AA' rating of these Fortis businesses will be well received by our many valued clients and customers and will be instrumental in ensuring the trust of prospective clients."
 Fortis, Inc. has annualized revenues of $2.5 billion and shareholders' equity in excess of $650 million. Fortis, Inc.'s parent companies are Holland-based N.V. Amev and Belgium-based AG Group. N.V. AMEV's ADRs trade over-the-counter on the NASDAQ system.
 -0- 4/14/92
 /CONTACT: Meril Joseph of Fortis, 212-323-9806, or Matthew J. Harrington of Edelman Worldwide, 212-704-8103, for Fortis/
 (FORT) CO: Fortis, Inc. ST: New York IN: INS SU: RTG


KD-SM -- NY079 -- 8375 04/14/92 17:12 EDT
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Publication:PR Newswire
Date:Apr 14, 1992
Words:444
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