Ct Healthmarket via BizWire
06-26-2003, 09:20 AM
Affirms Existing Debt Ratings
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OLDWICK, N.J.--(BUSINESS WIRE)--June 26, 2003--A.M. Best Co. has
assigned a "bbb+" rating to CAD 150 million of Industrial Alliance
Trust Securities-Series A (IATS) to be issued by Industrial Alliance
Capital Trust, an open-end trust established in Ontario by
Industrial-Alliance Insurance and Financial Services Inc. (IA)
(Sillery, Quebec, Canada). Subject to receipt of final approval from
the insurance regulatory authorities, the IATS will constitute Tier 1
capital of IA. Concurrently, A.M. Best has affirmed IA's existing debt
ratings, and the financial strength ratings of A (Excellent) of IA and
its life insurance subsidiaries, National Life Assurance Company of
Canada (Toronto) and Industrial-Alliance Pacific Life Insurance
Company (Vancouver) remain unchanged. The outlook for all ratings is
stable.
The ratings reflect IA's profitable operations, diversified
product portfolio, expansion of business in its core individual
insurance and its adequate capitalization. IA has a strong market
presence in the Province of Quebec, complemented by growth outside of
the province through the operations of its life insurance
subsidiaries. IA offers a diversified product portfolio through a
number of distribution channels, including a favorable position in the
brokerage community. Distribution capacity and diversification has
enabled IA to expand its core universal life product line.
The Industrial-Alliance Group is the seventh largest life and
health organization in Canada, insuring over 1.5 million Canadians and
administering $17.1 billion in assets.
The following debt rating has been assigned:
Industrial Alliance Capital Trust--
-- "bbb+" on CAD 150 million non-cumulative Industrial Alliance
Trust Securities-Series A (IATS)
The following debt ratings have been affirmed:
Industrial-Alliance Insurance and Financial Services Inc.--
-- "a-" on CAD 60 million floating rate subordinated debenture,
due 2010
-- "a-" on CAD 50 million 8.40% subordinated debenture, Series 2,
due 2006
-- "a-" on CAD 75 million 6.25% plus variable interest
subordinated debenture, Series 3, due 2010
-- "bbb+" rating on Series 1, CAD 18.75 million 1.00%
non-cumulative preferred shares
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.
----------------------------------------------------------------------
OLDWICK, N.J.--(BUSINESS WIRE)--June 26, 2003--A.M. Best Co. has
assigned a "bbb+" rating to CAD 150 million of Industrial Alliance
Trust Securities-Series A (IATS) to be issued by Industrial Alliance
Capital Trust, an open-end trust established in Ontario by
Industrial-Alliance Insurance and Financial Services Inc. (IA)
(Sillery, Quebec, Canada). Subject to receipt of final approval from
the insurance regulatory authorities, the IATS will constitute Tier 1
capital of IA. Concurrently, A.M. Best has affirmed IA's existing debt
ratings, and the financial strength ratings of A (Excellent) of IA and
its life insurance subsidiaries, National Life Assurance Company of
Canada (Toronto) and Industrial-Alliance Pacific Life Insurance
Company (Vancouver) remain unchanged. The outlook for all ratings is
stable.
The ratings reflect IA's profitable operations, diversified
product portfolio, expansion of business in its core individual
insurance and its adequate capitalization. IA has a strong market
presence in the Province of Quebec, complemented by growth outside of
the province through the operations of its life insurance
subsidiaries. IA offers a diversified product portfolio through a
number of distribution channels, including a favorable position in the
brokerage community. Distribution capacity and diversification has
enabled IA to expand its core universal life product line.
The Industrial-Alliance Group is the seventh largest life and
health organization in Canada, insuring over 1.5 million Canadians and
administering $17.1 billion in assets.
The following debt rating has been assigned:
Industrial Alliance Capital Trust--
-- "bbb+" on CAD 150 million non-cumulative Industrial Alliance
Trust Securities-Series A (IATS)
The following debt ratings have been affirmed:
Industrial-Alliance Insurance and Financial Services Inc.--
-- "a-" on CAD 60 million floating rate subordinated debenture,
due 2010
-- "a-" on CAD 50 million 8.40% subordinated debenture, Series 2,
due 2006
-- "a-" on CAD 75 million 6.25% plus variable interest
subordinated debenture, Series 3, due 2010
-- "bbb+" rating on Series 1, CAD 18.75 million 1.00%
non-cumulative preferred shares
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.
