A.M. Best Removes Ratings for Sterling Life Insurance Company Under Review
OLDWICK, New Jersey, May 11, 2008 (BUSINESS WIRE) - AM Best Co. Withdrew during the year with a positive impact on the financial capacity of the rating A - (Excellent) and issuer credit rating of “A-” Sterling Life Insurance Company (Sterling) (Illinois). At the same time, A.M. Best affirmed the rating, and for a stable view.
It calls on the actions on April 1, 2008, the conclusion of the acquisition of Münchener Rückversicherungs-Gesellschaft (Munich Re) (Germany) Aon Corporation (Illinois) for the amount of $ 352 million. The Munich Re is the largest health insurance and legal protection and insurance in Europe is a powerful player in the global reinsurance market. Sterling’s recognizable brand and the current portfolio of products is an engine of growth for Munich Re’s strategy of international health in the United States.
Sterling in the enjoyment of its new parent company is in a position to the assumption by reinsurance agreements, and through the provision of capital, if necessary. Sterling successive years of profitability, and expects the best, it will be in the course of the year, in the short term. However, with Sterling concentration in the message Medicare Fee for Service (PFFS) Contract possible policy changes have the potential to challenge the current reimbursement in the future. While Munich Re no experience of direct insurance on turnover in the United States, it has a large presence in the European market for health insurance in addition to its subsidiary, ERGO, which is the largest medical insurance company in Europe. Yet A.M. Best rest of the Munich Re lack of experience in the highly competitive and regulated Medicare in the United States.
For Best’s Ratings, an overview of the rating process and rating methodologies, please visit www.ambest.com / notice.
Founded in 1899, A.M. Best Company is a full-service global rating of the organization, which owes its existence to the finance department and health, the services sector, including insurance companies, banks, hospitals and service providers to health.
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