A.M. Best Takes Various Rating Actions on American Modern Life Insurance Group
May 31 2007 - 2:41PM
Business Wire
A.M. Best Co. has affirmed the financial strength rating (FSR) of
A- (Excellent) and issuer credit ratings (ICR) of �a-� of American
Modern Life Insurance Company (American Modern Life) (Cincinnati,
OH), the lead life insurer within the American Modern Insurance
Group (American Modern) The outlook for these ratings is stable.
Additionally, A.M. Best has upgraded the FSR to B++ (Good) from B+
(Good) and assigned an ICR of �bbb� to American Modern Life�s
subsidiary, Southern Pioneer Life Insurance Company (Southern
Pioneer Life) (Trumann, AR). The FSR has been removed from under
review with positive implications, and the outlook assigned to both
the FSR and ICR is stable. The upgrade of the FSR for Southern
Pioneer Life reflects a change in its ownership by American Modern
Life, as well as its potentially strategic significance for the
American Modern Insurance Group. A.M. Best anticipates that
Southern Pioneer Life will serve as a key marketing channel for
credit insurance for American Modern Insurance Group while
providing an additional avenue of growth for American Modern Life.
The rating affirmations of American Modern Life reflect its
strategic role as the provider of credit life and credit accident
and health insurance platform for the American Modern Insurance
Group. The ratings also recognize the company�s adequate
risk-adjusted capitalization, positive statutory operating results
and access to the financial flexibility of its publicly traded
ultimate parent, Midland Company. Partially offsetting these
positive rating factors is the company�s modest business profile
and its focus on the limited growth opportunity business of credit
insurance. 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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