STANDARD & POOR'S RATES SECURITY FIRST LIFE 'AA-'
STANDARD & POOR'S RATES SECURITY FIRST LIFE 'AA-' LOS ANGELES, March 19 /PRNewswire/ -- Standard & Poor's Corp. (S&P)
has rated the claims paying ability of Security First Life Insurance Co. as "AA-." Announcement of the rating was made today by S&P and Security First Life's parent company, The Holden Group.
In its rationale for the rating, S&P said, "The rating reflects Security First's very strong capitalization, and very high quality investments." S&P also stated that it expects Security First Life to "maintain the current level of conservative capitalization on a long- term basis because of good statutory earnings and financial support from Canada-based London Insurance Group." Brock Armstrong, president and chief executive officer of The Holden Group, said Security First's "AA-" high rating by S&P was welcome news. "The insurance industry in general has received a tremendous amount of adverse publicity in the last few years. We believe that S&P's high rating is a result of our corporate decisions to position Security First Life as an insurance company that puts the safety of its customers' funds first," Armstrong declared. More than 95 percent of Security First Life's investment portfolio is invested in publicly traded U.S. government securities and corporate bonds. "We have deliberately avoided significant ventures into real estate or commercial mortgages," Armstrong stated. Security First Life, which markets nationally, is a wholly owned subsidiary of The Holden Group, a Los Angeles-based firm specializing in the design, marketing and administration of tax-deferred retirement savings programs. The Holden Group administers more than $4 billion in assets for 250,000 policyholders and The Holden Group markets its products to more than 4,000 public school districts and universities, city, county and state governments and financial institutions. The Holden Group has been named by the American Bankers Association as the exclusive sponsored provider of annuity products to ABA's 12,000 member bankers and has the endorsement of 11 state bankers' associations and its products have been approved by the United Teachers of Los Angeles, the second largest local teacher organization in the country. -0- 3/19/92 /CONTACT: Robert Sanders of The Holden Group, 310-312-6332; or David Hoods of The Nestor Group, 310-375-0828, for The Holden Group/ CO: Security First Life Insurance Co.; The Holden Group ST: California IN: INS SU:
KJ-CH -- LA032 -- 9917 03/19/92 18:32 EST
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|Date:||Mar 19, 1992|
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