OLDWICK, N.J.--(BUSINESS WIRE)--A.M. Best Co. has removed from beneath analysis and downgraded the banking backbone appraisement to B (Good) from A- (Excellent) and issuer acclaim ratings to “bbb ” from “a-” of OM Banking Activity Allowance Aggregation (Baltimore, MD) and its wholly endemic subsidiary, OM Banking Activity Allowance Aggregation of New York (Purchase, NY) (together accepted as OM Banking Life). The ratings accept been assigned a abiding outlook. OM Banking Activity represents the U.S. activity allowance and accomplishment operations of Old Mutual plc (Old Mutual), a arch all-embracing abiding accumulation accumulation based in South Africa and the United Kingdom.
These appraisement accomplishments chase the advertisement by Old Mutual that it has agreed to agreement to advertise its U.S. activity and accomplishment operations to affiliates of Harbinger Capital Partners LLC (Harbinger) for USD 350 million. Harbinger is a clandestine advance armamentarium based in New York with $10 billion in assets beneath management. The auction is accountable to authoritative approval and is accepted to abutting on or afterwards December 31, 2010.
A.M. Best had ahead placed the ratings beneath analysis with developing implications on March 11, 2010 back Old Mutual appear its ambition to analyze the auction of its U.S. activity and accomplishment operations. The ratings for OM Banking Activity had historically accustomed fractional appraisement accessory in acceptance of Old Mutual’s banking backbone and support. With the acceptable alteration of Old Mutual’s buying absorption to an article alfresco of the allowance sector, OM Banking Life’s ratings no best authorize for accessory and, as a result, now reflect its stand-alone acclaim profile. Should the transaction abort to close, A.M. Best is absurd to restore the appraisement accessory aforetime awarded to OM Banking Life’s ratings, as A.M. Best no best angle the U.S. activity and accomplishment operations as a actual basic of the organization’s approaching business strategy.
The ratings of OM Banking Activity reflect its able risk-adjusted capitalization, aggressive alcove bazaar positions (fixed indexed activity allowance and annuities), the cogent accretion aural its accepted annual anchored assets advance portfolio to a net abeyant accretion position as of June 30, 2010 and the abundant advance fabricated by the new administration aggregation in application the company’s business contour through a redesign and description of the artefact portfolio. Furthermore, the aggregation continues to be assisting on a approved operating basis, and credit-related assets on ahead broken balance accept added than account impairments during the aboriginal bisected of 2010.
A.M. Best expects to accept advancing discussions with Harbinger apropos its cardinal and banking affairs for the company. However, while A.M. Best angle absolutely Harbinger’s antecedent intentions of added de-risking the advance portfolio and convalescent the company’s risk-adjusted assets through the use of a Harbinger-owned adopted reinsurance company, these accomplish are absurd to accept abundant of an actual appulse on the insurer’s stand-alone acclaim profile.
The arch alignment acclimated in free these ratings is Best’s Acclaim Appraisement Alignment -- All-around Activity and Non-Life Allowance Edition, which provides a absolute account of A.M. Best’s appraisement action and highlights the altered appraisement belief employed. Additional key belief activated include: Appraisement Members of Allowance Groups; Risk Administration and the Appraisement Action for Allowance Companies; and Understanding BCAR for Life/Health. Methodologies can be begin at www.ambest.com/ratings/methodology.
Founded in 1899, A.M. Best Aggregation is a all-around full-service acclaim appraisement alignment committed to confined the banking and bloom affliction account industries, including allowance companies, banks, hospitals and bloom affliction arrangement providers. For added information, appointment www.ambest.com.
Om Financial Life Insurance Company
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