Thursday, May 14, 2009
A.M. Best Places Ratings of Forethought Life Insurance Company Under Review With Negative Implications
A.M. Best Co. has placed the financial strength rating of A- (Excellent) and issuer credit rating “a-” of Forethought Life Insurance Company (FLIC) (Indianapolis, IN) under review with negative implications.
These actions reflect A.M. Best’s concern with FLIC’s decline in statutory capitalization, net loss on a statutory and GAAP basis, its high unrealized loss position and significant level of intangibles relative to its GAAP equity.
The ratings have been placed under review following discussions with FLIC’s ultimate parent company, Forethought Financial Group, Inc. (FFG), about significant new capital raising initiatives. These efforts are expected to improve the capital position of the organization to support growth and offset any additional investment losses. While A.M. Best expects tangible progress in these efforts in the near term, the ratings of FLIC will be negatively impacted should the capital raising efforts be unsuccessful...
BusinessWire: A.M. Best Places Ratings of Forethought Life Insurance Company Under Review With Negative Implications
These actions reflect A.M. Best’s concern with FLIC’s decline in statutory capitalization, net loss on a statutory and GAAP basis, its high unrealized loss position and significant level of intangibles relative to its GAAP equity.
The ratings have been placed under review following discussions with FLIC’s ultimate parent company, Forethought Financial Group, Inc. (FFG), about significant new capital raising initiatives. These efforts are expected to improve the capital position of the organization to support growth and offset any additional investment losses. While A.M. Best expects tangible progress in these efforts in the near term, the ratings of FLIC will be negatively impacted should the capital raising efforts be unsuccessful...
BusinessWire: A.M. Best Places Ratings of Forethought Life Insurance Company Under Review With Negative Implications
Permalink posted by markw @ 7:47 AM 
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