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AFLIAC 'BBB' Ratings Affirmed Following $3.3B Reinsurance Agreement With Protective Life Feb 06
Standard & Poors, Feb 2006
Abstract
NEW YORK (Standard & Poor's) Feb. 8, 2006--Standard & Poor's Ratings Services said today that it affirmed its 'BBB' counterparty credit and financial strength ratings on Allmerica Financial Life Insurance & Annuity Co. (AFLIAC). Standard & Poor's also said that the outlook on AFLIAC remains stable. AFLIAC, the variable annuity segment of the Goldman Sachs Reinsurance Group (GSRG), had $10 billion in assets at year-end 2005. 'The affirmation follows the announcement that AFLIAC has entered into an agreement to reinsure a $3.3 billion block of variable annuity business from Protective Life Insurance Co.,' explained Standard & Poor's credit analyst Ovadiah Jacob. Protective Life is acquiring the block of variable annuities as part of its acquisition of The Chase Insurance Group...
Companies mentioned in this report are: Commonwealth Annuity and Life Insurance Co.: A Goldman Sachs Company,Protective Life Insurance Co.,JPMorgan Chase & Co.,The Goldman Sachs Group Inc.
Action: Affirmed
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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