Market Snapshot
  • U.S.
  • Europe
  • Asia
Ticker Volume Price Price Delta
DJIA 16,408.54 -16.31 -0.10%
S&P 500 1,864.85 2.54 0.14%
NASDAQ 4,095.52 9.29 0.23%
Ticker Volume Price Price Delta
STOXX 50 3,155.81 16.55 0.53%
FTSE 100 6,625.25 41.08 0.62%
DAX 9,409.71 91.89 0.99%
Ticker Volume Price Price Delta
NIKKEI 14,512.38 -3.89 -0.03%
TOPIX 1,171.40 -1.97 -0.17%
HANG SENG 22,760.24 64.23 0.28%

A.M. Best Places Ratings of MONY Life Insurance Company Under Review With Negative Implications



  A.M. Best Places Ratings of MONY Life Insurance Company Under Review With
  Negative Implications

Business Wire

OLDWICK, N.J. -- April 11, 2013

A.M. Best Co. has placed under review with negative implications the financial
strength rating (FSR) of A+ (Superior) and issuer credit rating (ICR) of “aa-”
of MONY Life Insurance Company (MONY)  (New York, NY).

Concurrently, A.M. Best has downgraded the FSR to A (Excellent) from A+
(Superior) and the ICR to “a+” from “aa-” of MONY Life Insurance Company of
America (MLOA)  (Phoenix, AZ). The outlook for the FSR is stable, while the
outlook for the ICR is negative.

The rating actions follow the announcement that Protective Life Corporation
(Protective) [NYSE: PL] (Birmingham, AL) will purchase MONY from AXA S.A.
(AXA) (France) [OTC: AXAHY.PK], the ultimate parent of AXA Financial, Inc.
(AXA Financial). MONY consists primarily of a closed book of life insurance
business; the company no longer markets new policies.

While the MLOA entity is not part of the transaction, significant portions of
its business will be coinsured to Protective’s life insurance subsidiaries.
Although MLOA will continue to sell AXA Financial’s variable life and indexed
universal life products, A.M. Best does not expect MLOA to be a material
contributor to AXA’s U.S. operations.

Protective’s business model calls for organic growth complemented by select
acquisitions, and this transaction is consistent with that strategy.
Protective has a long history of successfully acquiring and integrating blocks
of businesses, especially seasoned life insurance policies. A.M. Best expects
the under review status to be resolved shortly after the closing of the
transaction and discussions with management regarding plans for the acquired
entity.

The methodology used in determining these ratings is Best’s Credit Rating
Methodology, which provides a comprehensive explanation of A.M. Best’s rating
process and contains the different rating criteria employed in the rating
process. Best’s Credit Rating Methodology can be found at
www.ambest.com/ratings/methodology.

A.M. Best Company is the world’s oldest and most authoritative insurance
rating and information source. For more information, visit www.ambest.com.

       Copyright © 2013 by A.M. Best Company, Inc. ALL RIGHTS RESERVED.

Contact:

A.M. Best Co.
Anthony McSwieney, 908-439-2200 ext. 5715
Senior Financial Analyst
anthony.mcswieney@ambest.com
William Pargeans, 908-439-2200 ext. 5359
Assistant Vice President
william.pargeans@ambest.com
Rachelle Morrow, 908-439-2200 ext. 5378
Senior Manager, Public Relations
rachelle.morrow@ambest.com
Jim Peavy, 908-439-2200 ext. 5644
Assistant Vice President, Public Relations
james.peavy@ambest.com
Sponsored Links
Advertisement
Advertisements
Sponsored Links
Advertisement