Foresters receives A.M. Best "A" (Excellent) rating for 11th year
TORONTO, July 28, 2011 /PRNewswire/ - Foresters™, a life insurance provider committed to the well-being of families, received an "A" (Excellent) rating for the eleventh consecutive year from A.M. Best Company1. This independent rating assesses Foresters ability to pay claims and is an important measure of the organization's strength and stability. A.M. Best also gave Foresters an issuer credit rating of "a+" with a "stable" outlook.
"Foresters is proud of its strong financial management and consistent ability to grow in financial strength," said George Mohacsi, President and CEO of Foresters. "We look forward to continued growth and are well positioned to build on our success having recently acquired US based First Investors Consolidated Corporation. At the same time, Foresters will continue to deliver on its purpose to build strong families and communities."
For over 135 years, Foresters has shared its financial strength with its members and their communities. Foresters ended 2010 with its strongest financial position ever. The number of certificates under management has grown 75% in five years, to more than one million in force.
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 474%, Foresters solvency ratios3 are well above local regulatory requirements and industry averages in all three countries in which it operates, in Canada, United States and United Kingdom .
For more information about A.M. Best Company's ratings, visit ambest.com
About Foresters
Founded in 1874 as a fraternal benefit society, Foresters™ champions the well-being of families through quality life insurance, unique member benefits and inspiring community activities. Foresters has assets of over $6.3 billion with liabilities of $4.9 billion resulting in a surplus of $1.4 billion (all figures in Canadian dollars as of December 31, 2010) and maintains an "A" (Excellent) rating by A.M. Best. Foresters shares its financial strength with more than 835,000* members in Canada, the United States and the United Kingdom. Foresters Equity Services, Inc.†, a wholly owned subsidiary of Foresters, offers investment products in the U.S. Unity Life of Canada‡, a wholly owned subsidiary of Foresters, represents Foresters in Canada. For more information, please visit foresters.com.
Foresters™ is a trademark of The Independent Order of Foresters, a fraternal benefit society, Toronto, Canada M3C 1T9.
1An "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. In assigning Foresters rating, A.M. Best stated that Foresters rating outlook is "stable", which means it is unlikely to change in the near future, assuming Foresters financial strength is maintained and operations grow. A.M. Best assigns ratings from A++ to F, A++ being superior ratings and A and A- being excellent ratings.
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 strength.
3Solvency ratios indicate that our ability to meet long-term obligations is above and beyond what is required.
† Investments offered through Foresters Equity Services, Inc. Member FINRA, SIPC, 6640 Lusk Blvd., Suite A-202, San Diego, CA 92121 T. 858 550 4844.
‡ Unity Life of Canada, a Foresters company, is a wholly owned subsidiary of The Independent Order of Foresters.
*Includes total number of UK Child Trust accounts
SOURCE Foresters
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