Business Services Industry
A.M. Best Withdraws Ratings of Two Lincoln Financial Group Subsidiaries Due to Entity Mergers
Business Wire, May 17, 2007
OLDWICK, N.J. -- A.M. Best Co. has withdrawn the financial strength rating (FSR) of A (Superior) and the issuer credit rating (ICR) of "aa" of Jefferson-Pilot Life Insurance Company (JP Life) (North Carolina), as a result of the merger of JP Life into its affiliate, The Lincoln National Life Insurance Company (LNL) (Fort Wayne, IN).
The merger was effective April 2, 2007. JP Life was a former subsidiary of Lincoln National Corporation (LNC) [NYSE: LNC]. The FSR of A (Superior) and ICR of "aa" of LNL are unchanged by this transaction.
A.M. Best has also withdrawn the FSR of A (Superior) and the ICR of "aa" of Lincoln National Life & Annuity Company of New York (the old LANY) due to its merger into its affiliate, Jefferson Pilot LifeAmerica Insurance Company (JPLA) (New Jersey), changing JPLA's name to Lincoln National Life & Annuity Company of New York (the new LANY) and its domicile to New York, effective April 2, 2007.
The old LANY and JPLA were both former subsidiaries of LNC, and the FSR of A (Superior) and the ICR of "aa" of the new LANY are unchanged by the above transaction.
For Best's Ratings, an overview of the rating process and rating methodologies, please visit www.ambest.com/ratings.> Founded in 1899, A.M. Best Company is a full-service credit rating organization dedicated to serving the financial services industries, including the banking and insurance sectors. For more information, visit www.ambest.com.
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