A.M. Best Downgrades Ratings of Charter National Life Insurance Company and Intramerica Life Insurance Company
July 27 2007 - 10:24AM
Business Wire
A.M. Best Co. has downgraded the financial strength ratings (FSR)
to B++ (Good) from A- (Excellent) and the issuer credit ratings
(ICR) to �bbb+� from �a-� of Charter National Life Insurance
Company (Charter National) (Illinois) and Intramerica Life
Insurance Company (Intramerica) (New York). The outlook for all
ratings is stable. Charter National and Intramerica are currently
life/health member companies of the Allstate Financial segment and
are ultimately owned by The Allstate Corporation (Allstate)
(Northbrook, IL) [NYSE: ALL]. These ratings actions recognize
Allstate�s decision to pursue a sale of Charter National and
Intramerica, and with the downgrades the ratings more accurately
reflect Charter National�s and Intramerica�s long-term financial
strength on a stand-alone basis. The ratings of the other
life/health member companies of Allstate Financial remain
unchanged. For Best�s Ratings, an overview of the rating process
and rating methodologies, please visit www.ambest.com/ratings.
Founded in 1899, A.M. Best Company is a full-service credit rating
organization dedicated to serving the financial services
industries, including the banking and insurance sectors. For more
information, visit www.ambest.com.
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