Foresters and its subsidiaries receive "Excellent" ratings
TORONTO, July 11, 2012 /CNW/ - Foresters™, an international life
insurance provider, and its subsidiary Foresters Life Insurance Company
have received "A" (Excellent) ratings from A.M. Best Company1. In addition, the independent insurance rating source upgraded
Foresters Life Insurance Company from "A-"(Excellent) to "A"
(Excellent). A.M Best has now affirmed Foresters "A" rating for 12
Foresters subsidiary First Investors Life Insurance Company received an
"A-"(Excellent) rating. A.M. Best also gave Foresters an issuer credit
rating of "a+" and noted that the outlook for all ratings is stable.
Commenting on the ratings, George Mohacsi, President and CEO of
Foresters said, "The upgraded rating for Foresters Life in such a
challenging economic environment and the continued "Excellent" ratings
for Foresters and First Investors attest to Foresters financial
strength and stability. We're looking forward to increased growth and
continued financial strength. We are well positioned to build on recent
success as we deliver on our commitment to the well-being of families
and the communities they live in."
Foresters has shared its financial strength with its members and their
communities for over 135 years and is today, in a strong financial
position with assets of $8.6 billion. Foresters gross premium income
increased by 14% in 2011 and at the end of the year had more than 1.2
million certificates under management and almost 950,000 members.
Foresters conservative investment strategy has resulted in a strong
surplus of $1.4 billion CDN2, assuring its ability to withstand adverse business and market
conditions. With a Minimum Continuing Capital and Surplus Requirements
(MCCSR) ratio of 336% as of December 31, 2011, Foresters solvency
ratios3 are above local regulatory requirements and industry averages in all
three countries in which it operates - Canada, the United States and
the United Kingdom.
For more information about A.M. Best Company's ratings, visit ambest.com.
Foresters™ is a life insurance provider with a difference. The
fraternal benefit society, founded in 1874, supports family well-being
through quality products, unique member benefits and inspiring
community activities. Foresters shares its financial strength with
almost 950,000 members in Canada, the United States and the United
Kingdom. Foresters has assets of over $8.6 billion with liabilities of
$7.1 billion resulting in a surplus of $1.4 billion (all figures in
Canadian dollars as of December 31, 2011) and maintains an "A"
(Excellent) rating by A.M. Best1. For more information visit foresters.com.
ForestersTM the trade name and a trademark of The Independent Order of Foresters, a
fraternal benefit society, 789 Don Mills Road, Toronto, Canada M3C 1T9;
its subsidiaries are licensed to use this mark.
1 An "A" (Excellent) rating is assigned to companies that have a strong
ability to meet their ongoing obligations to policyholders and have, on
balance, excellent balance sheet strength, operating performance and
business profile when compared to the standards established by A.M.
Best Company. A.M. Best assigns ratings from A++ to F, A++ and A+ being
superior ratings and A and A- being excellent ratings. In assigning
Foresters rating on July 6, 2012, A.M. Best stated that the rating
outlook is "stable", which means it is unlikely to change in the near
future. See ambest.com for our latest rating.
2This surplus represents excess funds above the amount required as legal
reserves for insurance and annuity certificates in force and provides
additional assurances to our members for our long term financial
3Solvency ratios indicate that our ability to meet long-term obligations
is above and beyond what is required.
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