Financial Services Industry
Industry: Email Alert RSS FeedFitch lowers Annuity & Life Re Rating to 'A-'; RW Negative. (Fitch Ratings: Advertisement).(Brief Article)
National Underwriter Life & Health-Financial Services Edition, August, 2002 by Ellis, Bradley S.
Fitch Ratings has lowered the insurer financial strength rating of Annuity & Life Reassurance, Ltd. (Annuity & Life Re) to 'A-' from 'A' and lowered the indicative rating on Annuity & Life Re (Holdings), Ltd.'s shelf registration to 'BBB-' from 'BBB'. Both ratings have been place on Rating Watch Negative.
Today's rating action follows Annuity & Life Re's announcement that the company will take a second-quarter charge of $24 million related to its largest annuity reinsurance contract with Transamerica Re. The company is expected to report a second-quarter operating loss as a result of this charge.
Fitch's concerns are related to the cumulative effect of several recent charges on Annuity & Life Re's capital position and the uncertainty related to the...
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