« Previous | Next » | All Messages |  ALL Message Board Home | recommend post |  Ignore Poster

ALL News A.M. Best Places Ratings of Concord Heritage Life Under Review

OLDWICK, N.J.--(BUSINESS WIRE)--A.M. Best Co. has placed the financial strength rating (FSR) of B++ (Very Good) and issuer credit rating (ICR) of “bbb+” of Concord Heritage Life Insurance Company, Inc. (Concord Heritage Life) under review with negative implications.

This rating action follows the definitive agreement signed by its direct parent, American Heritage Life Insurance Company (American Heritage Life), to sell Concord Heritage Life to Liberty Bankers Life Insurance Company (Liberty Bankers Life). The transaction is expected to close in the first quarter of 2007 pending regulatory approval, at which time a rating determination for Concord Heritage Life will be made. The post-close rating of Concord Heritage Life will be no higher than the rating of Liberty Bankers Life, which currently has an FSR of B (Fair).

Concord Heritage Life and American Heritage Life are life/health member companies of the Allstate Financial segment and are ultimately owned by The Allstate Corporation (NYSE: ALL). The ratings of American Heritage Life, along with the other members 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.

For current Best’s Ratings, independent data and analysis on more than 1,100 individual life/health companies and A.M. Best groups, please visit www.ambest.com/lh.

A.M. Best Co., established in 1899, is the world’s oldest and most authoritative insurance rating and information source. For more information, visit A.M. Best’s Web site at www.ambest.com.