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AM Best Comments on Sale of Massachusetts Mutual Life Insurance Company’s Retirement Services Business to Empower Retirement

AM Best has commented that the Financial Strength Rating (FSR) of A++ (Superior) and the Long-Term Issuer Credit Rating (Long-Term ICR) of "aa+" of Massachusetts Mutual Life Insurance Company (MassMutual) (Springfield, MA) remain unchanged following today's announcement that it has entered into an agreement to sell its retirement plan business to Empower Retirement. The FSR of A++ (Superior) and the Long-Term ICRs of "aa+" of MassMutual’s operating insurance subsidiaries, C.M. Life Insurance Company and MML Bay State Life Insurance Company (both domiciled in Enfield, CT), also are unchanged following the announcement. Additionally, the Long-Term Issue Credit Ratings on MassMutual’s surplus...

Why Allstate Is Spending $4 Billion on an Insurance Company Acquisition, The Motley Fool

Allstate ( NYSE:ALL ) is one of the largest life insurance companies in the world, and it just announced a splashy acquisition that will make it even larger. The company is acquiring National General Holdings ( NASDAQ:NGHC ) for $4 billion, or about $34.50 per share. This acquisition will expand Allstate's reach in the independent agent channel for auto and homeowner's insurance, and increase Allstate's market share in personal property-liability insurance. Is bigger better in this case? Allstate's $4 billion acquisition Like Allstate, National General is a property, auto, and life insurance company. National General has a much smaller insurance operation, but it is the second-largest U.S...

AM Best Affirms Credit Ratings of Lumico Life Insurance Company and Its Affiliate, Business Wire

OLDWICK, N.J.--( BUSINESS WIRE )--AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a+” of Lumico Life Insurance Company (Jefferson City, MO) and Lumico Life Insurance Company of New York (Armonk, NY). The outlook of these Credit Ratings (ratings) is stable. Together, these two companies are referred to as Lumico Life, and are indirect subsidiaries of Swiss Re Ltd (Swiss Re). Lumico Life Insurance Company was acquired through Swiss Re’s new iptiQ Americas Inc. unit at the end of 2016. Lumico Life Insurance Company of New York was established and licensed in December 2018. The ratings reflect Lumico Life’s...

SBI Life Insurance jumps 5% as company reports 16% YoY rise in Q4 net profit

SBI Life Insurance Company has a distribution network of 186,495 trained insurance professional, with 937 offices across the country. (Photo: Reuters) SBI Life Insurance jumps 5% as company reports 16% YoY rise in Q4 net profit 2 min read . Updated: 06 May 2020, 02:32 PM IST Ashwin Ramarathinam Net premium earned rose 4.7% year-on-year to ₹ 11,862.98 crore in the quarter ended March For FY20, net profit rose 7.2% to ₹ 1,422.17 crore, while net premium earned jumped 22.6% to ₹ 40,324.01 crore At 2pm, the stock traded at ₹ 740, up 3.4% from its previous close, while benchmark Sensex was up 1% at 31778.08 points. Net premium earned rose 4.7% year-on-year to ₹ 11,862.98 crore in the quarter...

How do life insurance companies make money? - Blog

As far as business models go, some are simple to understand. A corner store sells gum for more than they bought it for, while a carpenter charges for time and materials. For life insurance however, how money is made is a little less obvious. Despite it being a little complex, understanding how life insurance companies make money is important to understanding how life insurance works, and which type of life insurance is right for you. Here at Ratehub we spend a lot of time pouring over life insurance policies, so here’s our explanation – from simple to complex – of how life insurance companies make money. A quick guide to life insurance For the uninitiated, here’s how life...

Life Insurance Companies

Life Insurance Companies Life Insurance Companies Companies need to be licensed by a given state's department of insurance in order to be permitted to sell life insurance policies in that state. Life insurance companies can either be stock companies or mutual companies. Stock companies are owned by their shareholders, while mutual companies are owned by the policyholders themselves. Independent firms such as A.M. Best, Moody's and Standard and Poor's rate the financial strength of life insurance companies. They typically use a letter grade scale, like what's used in schools. It's always a good idea to take a look at these ratings when shopping for a policy. Many life insurance companies —...

Covid-19: Life insurance companies offer additional relief measures to policyholders, Malaysia, Malay Mail

Locals and foreign tourists are seen buying masks from street vendors in front of the Bukit Bintang MRT station in Kuala Lumpur March 16, 2020. — Picture by Choo Choy May KUALA LUMPUR, March 20 — The Life Insurance Association of Malaysia (LIAM) and its member companies are taking proactive steps in providing additional relief measures for policyholders who are impacted by the economic slowdown due to Covid-19. The association said the additional relief measures include RM5,000 cash relief for customers who are diagnosed with Covid-19, cash benefits/allowance for hospitalisation and special lump-sum death benefits from RM5,000-20,000 upon death of the insured. Meanwhile, four insurance...

List of Life Insurance Companies

When it comes to buying insurance, it is good to have options. And knowing who the best life insurance companies are provides you with the insight you need to try and get the best rates. Some things you need to be aware of when considering the different life insurance companies. Financial Strength The primary ratings agencies that provide financial strength ratings to the different life insurance carriers are A.M. Best Company, Standard and Poor’s, Fitch Ratings and Moody’s. In addition, the Comdex Ranking is also used, which offers a ranking from 1 to 100 based on how each of the different rating agencies scores a life insurance company. The following table shows a list of life...

Every Life Insurance Company, Every Life Insurance Company

LOSS PREVENTION TIPS Insurance and loss prevention go hand in hand. We are owned by our policyholders and our primary goal is to help our policyholders. Loss prevention is an important part of that help. Preparing Your Home for Winter The cold months ahead bring a new set of concerns for homeowners. Whether it’s heating, pipes or pests it’s important to be prepared for the season. How can you make your home cozy, comfortable and winter-ready this fall? First, it’s important to do a safety-check on your heating system. It doesn’t matter whether it’s a wood-burning stove, a furnace or another system, be sure to have it professionally cleaned and checked for...

Wellfleet Acquires National Guardian Life Insurance Company s Student and Special Risk Business, Business Wire

SPRINGFIELD, Mass.--( BUSINESS WIRE )--Wellfleet, an insurance provider and a Berkshire Hathaway company, has agreed to terms with National Guardian Life Insurance Company (NGL) to acquire through renewals its Student and Special Risk business. Much of that business is processed through Commercial Travelers Life Insurance Company in Utica, NY, a wholly owned NGL subsidiary. Wellfleet will immediately assume responsibility for administrating NGL’s special risk policies and collegiate accident and health insurance, which insures over 26,000 students on approximately 100 campuses across the United States. Wellfleet will maintain NGL’s Utica, NY office, employing more than 30 insurance...