Financial Services Industry
Industry: Email Alert RSS FeedBMA placed on Watch--Evolving in response to Liberty Life acquisition announcement. (Fitch Ratings Insurance News: Advertisement).(Business Mens' Assurance Company of America)(Brief Article)
National Underwriter Life & Health-Financial Services Edition, May, 2002 by Meyers, Frank A.
Fitch Ratings has placed the 'AA-' insurer financial strength rating of Business Men's Assurance Company of America (BMA) on Rating Watch Evolving.
The rating action reflects the announcement that BMA will be acquired by Greenville, S.C.-based Liberty Life Insurance Company (Liberty Life) in a deal valued at approximately $220 million. Liberty Life is the lead U.S. insurance operation of Royal Bank of Canada. Fitch currently rates Royal Bank of Canada's long-term senior obligations 'AA'. BMA is the U.S. life insurance operation of Italian insurance and financial services giant Assicurazioni Generali S.p.A. (Generali). The transaction is expected to close by the end of August 2002 following the transfer of BMA's existing life reinsurance business to a...
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