Business Services Industry
A.M. Best Withdraws Ratings of Three Genworth Subsidiaries Following Legal Entity Mergers
Business Wire, Jan 4, 2007
OLDWICK, N.J. -- A.M. Best Co. has withdrawn the financial strength ratings (FSR) of A (Superior) and the issuer credit ratings (ICR) of "aa-" and assigned an NR-5 (Not Formally Followed) to Federal Home Life Insurance Company (Federal Home Life), First Colony Life Insurance Company (First Colony) (both of Virginia) and American Mayflower Life Insurance Company of New York (American Mayflower Life). These companies were wholly-owned--direct or indirect--life/health subsidiaries of Genworth Financial, Inc. (Richmond, VA) [NYSE: GNW].
Effective January 1, 2007, Federal Home Life and First Colony merged into Genworth Life and Annuity Insurance Company (Genworth L&A) (Richmond, VA), and American Mayflower Life merged into Genworth Life Insurance Company of New York (Genworth Life of NY). The FSRs of A (Superior) and the ICRs of "aa-" of Genworth L&A and Genworth Life of NY are unchanged by these mergers.
For Best's Ratings, an overview of the rating process and rating methodologies, please visit www.ambest.com/ratings.> A.M. Best Co., established in 1899, is the world's oldest and most authoritative insurance rating and information source. For more information, visit A.M. Best's Web site at www.ambest.com.
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