best’s rating report - new york life insurance company york life insurance company ... ny also...

NEW YORK LIFE INSURANCE COMPANY

New York, New York

A++

Printed December 4, 2017 www.ambest.com of 8

Best’s Rating Report

Rating Rationale: The ratings of the members of New York Life Group (New York Life), which include New York Life Insurance Company and its New York Life Insurance and Annuity Company subsidiary, refl ect the strength of the group’s career agency distribu-tion force, strong capitalization position, defensible and leading mar-ket position in the U.S. life insurance industry and sound operating earnings generated from its stable liability structure. New York Life remains committed to its mutual structure, which allows it to focus on stable participating life insurance products. Partially offsetting these positive factors are the potential for higher than normal credit losses, its relatively large exposure to interest rate risk and the intense compe-tition the group faces in its core individual life and asset accumulation businesses. New York Life benefi ts from the competitive advantages associated with its core career agency force, which has led the industry in Million Dollar Round Table membership for 62 consecutive years. The ca-reer agency channel has contributed to the group’s strong persistency,

Ultimate Parent:New York Life Insurance Company

NEW YORK LIFEINSURANCE COMPANY

51 Madison Avenue, Room 353New York, NY 10010

Web: www.newyorklife.comTel: 212-576-7000 Fax: 212-576-7317AMB#: 006820 NAIC#: 66915Ultimate Parent#: 006820 FEIN#: 13-5582869

BEST’S CREDIT RATINGBest’s Financial Strength Rating: A++ Outlook: Stable

Best’s Financial Size Category: XV

RATING RATIONALE The following text is derived from A.M. Best’s Credit Report on New York Life Group (AMB# 069714).



Negative rating action may occur if New York Life Group were to alter its business profi le away from its core profi table ordinary life insurance niche, add measurable balance sheet risk, generate a trend of signifi cant operating or investment losses, or materially reduce its risk-adjusted capital position.

KEY FINANCIAL INDICATORS ($000) Total Capital Capital Asset Net Net Surplus Valuation Premiums Invest NetYear Assets Funds Reserve Written Income Income2012 134,726,848 16,568,538 2,279,222 13,720,802 5,060,276 690,4652013 139,197,761 17,853,770 2,418,138 13,049,924 5,176,978 520,3242014 146,267,048 18,605,993 2,437,645 13,934,117 5,402,243 848,2632015 163,554,360 19,495,935 2,260,338 20,398,286 5,818,874 -152,2422016 170,761,835 20,107,561 2,175,467 15,440,137 5,961,418 298,027(*) Data refl ected within all tables of this report has been compiled from the company-fi led statutory statement.

CORPORATE OVERVIEW New York Life Insurance Company (NYLIC), a mutual life insurer, and its subsidiaries (collectively referred to as NYL), offers a wide range of insurance and investment products and services including life, long term care (LTC) insurance, annuities, pension products, mu-tual funds and other investments and investment advisory services. NYL maintains strong market positions in the life insurance, annui-ties and executive benefi ts markets for middle and upper income in-dividuals, as well as institutions of all sizes throughout the United States and abroad. NYL is one of the largest ordinary life writers in the country. The company’s vast career agency distribution network, with a wide geographic reach, helped establish this strong competitive position, which has been enhanced in recent years by new distribution sources. NYL includes New York Life Insurance and Annuity Cor-poration (NYLIAC), a wholly owned subsidiary through which NYL offers variable and interest-sensitive products, and NYLIFE Insurance Company of Arizona (NYLAZ). The company intends to maintain its status as a mutual company in order to remain uniquely aligned with its customers, with suffi cient capital available to support its growth strategies. NYL’s businesses are managed under two primary seg-ments: Insurance & Agency Group and Investments Group.

consistent sales growth and prominent market presence in individual life, with particular strength in the middle income and certain cultural markets. With its sizable in-force block of traditional life insurance and conservative product portfolio, New York Life has one of the more creditworthy liability profi les in the industry. The strong fundamen-tals within New York Life’s core domestic individual life operation continue to be the foundation of the group’s operating performance. A.M. Best also notes New York Life’s Investment Group’s sizable contribution to earnings in 2016. The Investment Group adds to New York Life’s diverse revenue stream, which contributes to and supports its strong risk-adjusted and absolute capitalization levels. Additionally, A.M. Best notes that New York Life has an added measure of fi nancial fl exibility in support of its strong risk-adjusted capital position through the management of its policyholder dividend scale. A.M. Best views New York Life’s mutual form of ownership as a positive rating factor. As a mutual insurer, New York Life is able to manage its businesses with a long-term perspective, as well as with a singular focus on provid-ing value to its policyholders. While A.M. Best notes the extremely low level of impairments re-corded in 2016, the potential still exists for higher than normal, albeit manageable, credit losses within the group’s general account invest-ment portfolio. Overall, A.M. Best believes New York Life’s future in-vestment losses will be lower than the industry average (as a percentage of capital and surplus) and that statutory earnings will exceed expected losses. While A.M. Best believes that New York Life’s investment management capabilities are strong, the group maintains signifi cant holdings in investment grade private corporate bonds and structured se-curities. New York Life has a meaningful allocation to non-traditional assets, namely, investments in private equity and hedge funds, repre-senting about 19.6% and 0.7% of total capital, respectively. The private equity portfolio is mainly used to support the company’s participating whole life polices, whereby the investment results are passed through to the policyholders, while the company is reducing its hedge fund port-folio. In addition, A.M. Best also notes that New York Life maintains a relatively high exposure to interest rate risk related to its blocks of interest-sensitive life and annuity reserves, although this risk is actively managed through hedging and other techniques. Lastly, similar to its peers in the domestic individual life and annuity marketplaces, New York Life continues to face intense competition and will be challenged to maintain its leading market positions and sales momentum over the long term.



acceleration of death benefi ts. In 2016, NYL launched Secure Care, a participating LTC product that includes a dividend mechanism. The Advanced Markets Network (AMN) provides an additional dis-tribution channel for the sale of COLI and BOLI through specialized insurance brokers. This channel distributes products that are often customized for the needs of these markets. New York Life has an agreement with AARP Life Insurance Pro-gram and the AARP Lifetime Income Program, and markets group life insurance products and guaranteed lifetime immediate income annuities to AARP members. Through an exclusive marketing ar-rangement with AARP, NYL directly markets life insurance and fi xed immediate annuities to the association’s nearly 38 million members. By virtue of this relationship, NYL is the largest direct marketer of life insurance in the U.S., insuring over 2.0 million AARP members with over $42 billion of life insurance inforce. NYL has consistently increased its sales in this line, while maintaining strong persistency, favorable mortality and expense management. In 2006, NYL began to directly market fi xed immediate annuity products (AARP Lifetime In-come Program) to its members and has become the number two direct marketer of fi xed annuities in the country. Additionally, NYL’s direct marketing expertise has recently been expanded to generate leads for products sold through the career agency force. NYL’s contract with AARP on the Life Program runs through 2022, offering the company the opportunity to continue to grow its presence in the 50 year old plus market with AARP. Group Membership Association sells life insurance and related products to members of professional associations through specialized brokers. Serving the members of more than 600 associations, Group Membership Association is the leading provider of life insurance programs to professional associations. Group Membership Associa-tion underwrites Group Life, Accidental Death and Dismemberment (AD&D) and Disability Income insurance programs to large profes-sional associations and other groups. The company offers individual and group insurance as well as in-vestment products in Mexico through Seguros Monterrey New York Life, S.A. de C. V. (Seguros Monterrey). Seguros Monterrey was ac-quired in 2000 and ranks among the top insurers providing individual life insurance in the Mexican marketplace. Mexico is NYL’s single strategic presence in international insurance markets. On July 1, 2015, NYL entered into a closed block reinsurance trans-action with John Hancock Life Insurance Company (JHL), in which

BUSINESS PROFILE

The following text is derived from A.M. Best’s Credit Report on New York Life Group (AMB# 069714).

New York Life (NYL) is a mutual life insurance company domiciled in New York State and organized into two major business units: Insur-ance and Agency Group (Insurance Group) and Investments Group. Businesses that operate within the Insurance Group include: Domestic Life, Long Term Care Insurance, New York Life Direct, Group Mem-bership Association and Mexico. The NYL Investments Group is fo-cused around the following key businesses: General Account and Third Party Asset Management; Investment Annuities; Retail Mutual Funds; Investment Management Boutiques; Guaranteed Products. INSURANCE GROUP NYL is one of the leading writers of individual life insurance in the U.S. and offers a broad array of participating whole life, survivorship whole life, fi xed and variable universal life, fi xed and variable survivor-ship universal life, term life insurance, and LTC insurance. The compa-ny also offers corporate-owned life insurance (COLI) and bank-owned life insurance (BOLI) opportunistically. NYL markets its traditional life insurance products to middle and also to upper income individuals primarily through its large career agency system. This nationwide system is one of NYL’s most valuable strengths, typically producing over half of total life insurance sales. Approximately one-fourth of pro-active fi eld agents in the U.S. are members of the “Million-Dollar Round Table” (MDRT), demonstrat-ing their success in meeting high standards for productivity and profes-sionalism. In addition to the wide geographic reach, the system has a strong presence in various cultural and women’s markets. To increase productivity through the career agency channel, NYL has introduced innovative new products and technology-aided support and training, as well as improve the overall customer experience. Life and annuity sales through this channel have grown steadily. LTC insurance products are also sold on an individual basis through NYL’s career agency force. NYL brings a strong pricing and under-writing discipline to this market which is appropriate for the risk in the business. Long term coverage is also provided through hybrid life insurance products which help cover long term care costs through the



tors manages $232 billion of assets driven by public and private fi xed income assets, stable value, CLO’s, and mutual funds. Retail & Institutional Annuities: NYL’s Retail & Institutional Annuities include fi xed and variable deferred annuities, structured settlements and guaranteed income an-nuities. Other than structured settlements, Investment Annuities are sold through NYLIAC. Variable products are offered exclusively through NYL agents while fi xed annuities and guaranteed income annuities are sold through third party distribution such as banks and other fi nancial institutions in addition to the core agency channel. For more than half of its variable annuities, fees are based on a percentage of premium versus the common industry practice of a percentage of assets. This approach provides greater earnings stability for the com-pany, as fee revenue is not sensitive to equity market volatility. Guar-anteed Lifetime Income, GLI, products are immediate fi xed annuities that are sold through NYLIAC. The company’s strong agency and bank distribution performance has led to record sales of Guaranteed Lifetime Income products for several years. Guaranteed Products (GP) provides a full array of products to both the qualifi ed and non-qualifi ed markets via guaranteed interest contracts and funding agree-ment-backed note programs to serve the needs of institutional inves-tors (including plan sponsors, pension funds, and institutional fi xed income managers) seeking stable returns and superior credit quality. The business is managed opportunistically to increase profi tability by leveraging New York Life’s strong balance sheet and high credit rat-ings to raise liabilities at an attractive cost of funding. In addition, GP provides maturity and terminal funding solutions for institutional pension plans. Given the low interest environment and growth in other products lines, the GP spread business has been gradually declining as a percentage of general account liabilities to high single digit levels. NYLIM: NYL’s mutual funds are sold under the company’s MainStay fund brand, which offers a wide array of equity, income and mixed asset mutual funds. The funds leverage the expertise of NYL’s boutiques to provide investment solutions across a broad array of asset classes. The products are sold through a substantial Third Party Distribution group who markets fi nancial intermediaries in two main divisions supported by a relationship management team. The retail business covers wire-houses, independents, and banks, while the institutional intermedi-ary business covers DCIO, private banks and trusts and RIAs. NYL Agents are another key sales channel. Through its multiple boutique

NYL assumed 100% of JHL’s obligations & liabilities for participat-ing whole life insurance policies prior to 2000 in connection with the demutualization. NYL simultaneously retroceded on a coinsurance ba-sis 40% of those obligations & liabilities back to JHL through a funds withheld arrangement. Furthermore, NYL sold its Retirement Plan Services business (excluding the stable value) to JHL, which did not require any fi nancing. These transactions complement NYL’s strong organic growth and commitment to the participating life insurance business. In 2016, New York Life’s product portfolio continues to increase the allocation to interest-sensitive liabilities that are relatively higher than its peers, including its use of operating leverage; however, the com-pany has historically demonstrated solid capabilities in managing this exposure. INVESTMENTS GROUP With the increasing market demand for retirement solutions and as-set management services, along with low capital requirements and po-tential for high profi t margins, investment management represents an attractive business for NYL. The Investments Group leverages its in-vestment management expertise, its established multi-channel distribu-tion network and its diversifi ed customer base to expand its investment management services. In February 2014, NYL announced the comple-tion of the EUR 380 million acquisition of Dexia Asset Management, since renamed Candriam. Candriam is multi-specialist asset allocation manager with expertise in fi xed income, equity, and alternative invest-ments. In April of 2015 completed an acquisition of Index IQ, a leader in liquid alternative exchange traded funds and mutual funds. These transactions added approximately another $108 billion in new assets under management (AUM), bringing New York Life Investments’ total AUM to $538 billion at year-end 2016. NYL Investors, LLC and Madison Capital Funding: These subsidiaries are primarily focused on delivering superior risk-adjusted performance for the General Account of New York Life. In addition to managing the general account assets of the New York Life insurance companies, NYL Investors, LLC generates third party fee revenue predominantly by syndicating mid-market fi nancing and then structuring and managing collateralized debt transactions through Mad-ison Capital Funding (MCF). MCF provides fi nancing solutions pri-marily to private equity backed middle market companies in the form of senior loans, mezzanine fi nancing and equity co-investment. NYL has a revolving credit agreement to provide funding to MCF. NYL Inves-



by organic growth in ordinary life premiums. Ordinary life premiums have grown at a 5-year CAGR of 3.9% versus 6.5% combined for individual and group annuities. This continued increase in sourcing premium growth from the annuity lines is noteworthy from a credit perspective, given A.M. Best’s view that annuity products have less favorable risk characteristics relative to ordinary life products, such as the whole life policies currently sold by the company. Going forward, A.M. Best anticipates NYL to maintain the positive underlying trend of profi tability on both a statutory and GAAP basis, with deviations most likely being driven by factors related to spread earned on the investment risks that are assumed and/or the interaction of premium growth and reserving dynamics.Investment Results: Credit performance has been very strong, with nominal levels of impairments reported in the energy sector during 2016. Given relatively benign credit conditions and the company’s careful credit monitoring, A.M. Best would expect a modest level of impairments to continue for the near term. NYL’s net investment yield has been impacted by the declining yields on fi xed income investments resulting from the continuing low interest rate environ-ment. Net investment income is enhanced by dividend distributions from non-insurance affi liates. Net Investment Income for the year ended December 31, 2016 was $9.7 billion, an increase of $332 mil-lion, or 3.5% from the $9.3 billion reported for the year ended De-cember 31, 2015.

BALANCE SHEET STRENGTH


Capitalization: NYL current risk-adjusted capitalization, as defi ned by Best’s Capital Adequacy Ratio (BCAR), is viewed as strong and more than suffi cient to support its current insurance and investment risks at $23.3 billion. The absolute level of capital increased by 2.9% in 2016, slightly below the 2015 increase of 3.4% and the annualized growth rate of 5.9% that has been realized over the past fi ve years. The in-crease in 2016 was primarily attributable to net income and increases in unrealized gains, which was partially offset by negative impacts from changes in pension and other postretirement benefi ts. New York Life’s adjusted GAAP fi nancial leverage is less than 10% (excluding

investment structure, the Investments Group offers a broad array of in-vestment capabilities and strategies managed for the benefi t of institu-tional and individual clients. Third party assets under management have shown strong growth trends, representing $279 billion as of year-end 2016 in assets under management up almost 5% primarily due to strong market performance from Institutional businesses offset partially by lower Mutual Funds earnings related to change in the business mix and lower AUM.Territory: The company is licensed in the District of Columbia, Guam, Puerto Rico, U.S. Virgin Islands and all states. The company also is licensed in Canada.

OPERATING PERFORMANCE


Operating Results: NYL is a mutual company whose core profi ts are driven from the spread earned on the mortality and investment risk from its large block of ordinary life insurance in force and annuity products. A disciplined pricing approach has enabled the company to generate consistent profi ts on both a statutory and GAAP basis. On a consolidated management GAAP basis, NYL reported strong operating earnings in 2016 of $1.95 billion, which represented a 4% increase over the $1.87 billion recorded in 2015. The year-over-year increase was mainly driven by core Individual Insurance and profi t-able Retail Annuities margins offset by continued modest decline related to some spread compression on Institutional Annuities perfor-mance across all major businesses. Individual insurance sales growth increased 2% in 2016, and Annuity sales delivered a moderate net 6% positive growth as well. On a statutory basis, NYL reported pre-tax operating gain of $1.63 bil-lion, up 32% from $1.24B in 2015. The increase was mainly impacted by higher net investment income of $332 million, a current $163 mil-lion current federal tax benefi t as a result of higher DAC in prior year related to the Closed Block Reinsurance transaction and partially offset by higher policyholder dividend and operating expenses. Overall, net premiums were down about 15% in 2016, primarily driv-en by the initial reinsurance premium related to the closed block rein-surance assumed in 2015 as part of the John Hancock transaction offset



location. NYL further reduced its Schedule BA assets to 4.3% of the portfolio as of year-end 2016, compared to 8.7% in 2014. Following the reduction in Schedule BA assets, the investment portfolio com-position now is approximately 74.1% bonds, 12.1% mortgage loans, 4.3% Schedule BA assets and the remainder mostly in cash, equities and contract loans. The total consolidated invested statutory assets in the Company’s general account investment portfolio, as of December 31, 2016 and 2015, were $230.0 billion and $218.3 billion, respec-tively. Invested assets increased back in 2015 primarily as a result of the assets acquired from the John Hancock Closed Block Reinsur-ance transaction, and further increased in 2016 primarily as a result of strong operating earnings and market performance. The Company maintains disciplined diversifi cation standard by each asset class and sector.Investments - Bond Portfolio: The credit quality of NYL’s fi xed income portfolio is strong, with only about 6.4% of the bonds being below investment grade, a level that has remained fairly stable over the past fi ve years. Changes to the bond portfolio over the past few years have been consistent with NYL’s investment approach as well as with the industry and capital markets environment. Allocations to bonds rated NAIC 2 represent 29.5% of the bond portfolio, up from 23.6% in 2011. The bond portfolio’s allocation to private placements has increased from 27.7% in 2011 to 37.3% in 2016. NYL increased its NAIC 2 and private bonds following a reduction in Schedule BA as-sets. The average maturity of the bond portfolio is about 8.7 years, which is a little shorter than the industry average of a little more than ten years. The fi xed income portfolio is managed to limit exposure to individual issuers and is currently in a continued net unrealized gain position as of 2016.Investments - Mortgage Loans and Real Estate: Historically, NYL has maintained a lower exposure to commercial mortgage loans than its peers. However, this allocation has risen over the past fi ve years from 9.7% of invested assets in 2011 to 12.1% in 2016, a level that is on par with industry averages. The mortgage loans are backed principally by offi ce, retail, industrial and apartment properties. The commercial loan portfolio is performing well and A.M. Best notes NYL’s low level of underperforming assets. The mortgage loans portfolio con-sists of $27.7 billion of loans on commercial real estate properties and $92 million of loans on single-family residential properties as of year-end 2016.

secured non-recourse debt) and within A.M. Best’s guidelines for the company’s current ratings. Also, GAAP interest coverage continues to be viewed as strong. NYL has more than ample resources for funding planned growth in the near term with the ability to take advantage of growth opportunities. The company also maintains fl exibility in managing surplus accumula-tion through its ability to adjust its policyholder dividend scale.


Liquidity: NYL has suffi cient liquidity to meet unexpected demands for cash associated with stressed liquidity scenarios. The company closely monitors its liquidity requirements in order to match cash infl ows with expected outfl ows. As part of liquidity management, the company regu-larly conducts liquidity stress testing and monitors early warning indi-cators for potential liquidity issues. Short and long-term liquidity ratios are favorable relative to its business profi le. In addition, other liquidity sources include the company’s facility for short-term borrowing arranged through New York Life Capital Cor-poration (NYLCC). NYLCC serves as a conduit for NYL to the credit markets and is authorized to issue up to $2.5 billion of commercial paper. For back-up liquidity needs, as of year-end 2016, NYL main-tains $7.6 billion and $6.0 billion, respectively, of available borrowing capacity through the Federal Home Loan Banks of NY and Pittsburgh, and has a $1.25 billion revolving credit facility with a consortium of banks. The current funding agreement liability to FHLB of NY is $2.3 billion, and is collateralized with eligible securities including mort-gage-backed, government and agency debt instruments for each of the advances received.


Investments: NYL employs an asset liability management focused in-vestment strategy utilizing fi xed income securities for a majority of its general account invested assets. Investment portfolios are designed in consideration of the unique interest rate sensitivities and cash fl ow characteristics associated with each product segment. Over recent years, NYL has modestly increased the risk profi le of its investment portfolio, but the company is expected to maintain its current asset al-



Balance SheetAssets ($000)

YE 2016Total bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 93,048,141Total preferred stocks . . . . . . . . . . . . . . . . . . . . 56,185Total common stocks. . . . . . . . . . . . . . . . . . . . . 9,843,533Mortgage loans . . . . . . . . . . . . . . . . . . . . . . . . . 14,852,756Real estate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,586,478Contract loans . . . . . . . . . . . . . . . . . . . . . . . . . . 10,596,347Cash & short-term invest . . . . . . . . . . . . . . . . . . 2,988,954Other invested assets. . . . . . . . . . . . . . . . . . . . . 8,809,650Funds held or dep with reins . . . . . . . . . . . . . . . 4,153,901Prems and consids due . . . . . . . . . . . . . . . . . . . 1,842,818Accrued invest income. . . . . . . . . . . . . . . . . . . . 1,375,160Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,811,218

Tot assets w/o sep accts . . . . . . . . . . . . . . . 156,965,141Separate account bus . . . . . . . . . . . . . . . . . . . . 13,796,694

Assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $170,761,835

Liabilities ($000)

Net policy reserves. . . . . . . . . . . . . . . . . . . . . . . $102,287,139Policy claims . . . . . . . . . . . . . . . . . . . . . . . . . . . 855,319Deposit type contracts . . . . . . . . . . . . . . . . . . . . 16,434,973Interest maint reserve. . . . . . . . . . . . . . . . . . . . . 723,641Comm taxes expenses. . . . . . . . . . . . . . . . . . . . 2,046,499Asset val reserve . . . . . . . . . . . . . . . . . . . . . . . . 2,175,467Funds held coinsur. . . . . . . . . . . . . . . . . . . . . . . 4,406,847Contingency reserve . . . . . . . . . . . . . . . . . . . . . 331,416Other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . 7,602,152

Tot liab w/o sep accts . . . . . . . . . . . . . . . . . 136,863,455Separate account bus . . . . . . . . . . . . . . . . . . . . 13,790,819

Total Liabilities . . . . . . . . . . . . . . . . . . . . . . . $150,654,274Surplus notes . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,992,828Unassigned surplus . . . . . . . . . . . . . . . . . . . . . . 18,114,733

Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $170,761,835

Investments - Other Invested Assets: In 2016, NYL further decreased its Schedule BA assets to 4.3% of invested assets, or 49.1% of the capital base which is now slightly lower than the industry average allocation of 5.7% and 55.3%, respectively. The characteristics of these assets vary and include private equity, fi xed income characteristic limited partner-ships, low income housing tax credit investments, and investment in subsidiaries. A.M. Best notes a higher than industry average exposure to private equity. More specifi cally, NYL’s private equity and hedge fund exposures relative to total capital was about 19.6% and 0.7% in 2016, respectively, versus 18.6% and 1.5% in 2015. The private equity portfolio is mainly used to support the company’s participating whole life polices, whereby the investment results are passed through to the policyholders, while the company is reducing its hedge fund portfolio. In addition, given the company’s size, capabilities, and strong capital, the company is able to hold a larger allocation to Schedule BA assets.

MANAGEMENTOffi cers: Chairman of the Board and Chief Executive Offi cer, Theo-dore A. Mathas; President, John Y. Kim; Executive Vice President and Chief Financial Offi cer, John T. Fleurant; Executive Vice President, General Counsel and Chief Legal Offi cer, Sheila Kearney Davidson; Senior Vice President, Secretary and General Counsel, Amy Miller (Deputy); Senior Vice President and Treasurer, Thomas A. Hendry; Senior Vice President, Chief Actuary and Chief Risk Offi cer, Joel M. Steinberg; Senior Vice President and General Auditor, Patricia Barbari; Senior Vice President and Chief Human Resource Offi cer, Katherine Roche O’Brien; Senior Vice Presidents, Mark J. Madgett (Insurance & Agency Group), George Nichols, III (Offi ce of Governmental Affairs); Vice President and Controller, Robert M. Gardner; Senior Vice Presi-dent and Chief Investment Offi cer, Anthony Malloy. Directors: Betty C. Alewine, Michele G. Buck, Robert B. Carter, Ralph de la Vega, Mark L. Feidler, Christina A. Gold, Theodore A. Mathas (Chairman), Sidney Thomas Moser, Thomas C. Schievelbein, Edward D. Shirley, Gerald B. Smith, William G. Walter.

Why is this Best’s® Rating Report important to you?

The A.M. Best Company is the oldest, most experienced rating agen-cy in the world and has been reporting on the fi nancial condition of insurance companies since 1899.

A Best’s Financial Strength Rating (FSR) is an independent opin-ion of an insurer’s fi nancial strength and ability to meet its ongoing insurance policy and contract obligations. An FSR is not assigned to specifi c insurance policies or contracts and does not address any other risk, including, but not limited to, an insurer’s claims-payment poli-cies or procedures; the ability of the insurer to dispute or deny claims payment on grounds of misrepresentation or fraud; or any specifi c li-ability contractually borne by the policy or contract holder. An FSR is not a recommendation to purchase, hold or terminate any insurance

policy, contract or any other fi nancial obligation issued by an insurer, nor does it address the suitability of any particular policy or contract for a specifi c purpose or purchaser.

The company information appearing in this pamphlet is an extract from the complete AMB Credit Report. You may obtain the complete report by contacting Customer Service at +1(908)439-2200 or [email protected]. Please reference the company’s identi-fi cation number (AMB#) listed on this rating report.

For the latest Best’s Financial Strength Ratings along with their defi -nitions and A.M. Best’s Terms of Use, please visit www.ambest.com.


Copyright © 2017 A.M. Best Company, Inc. and/or its affi liates. All rights reserved.No part of this report may be reproduced, distributed, or stored in a database or retrieval system, or transmitted in any form or by any means without the prior written permission of the A.M. Best Company. While the data in this report was obtained from sources believed to be reliable, its accuracy is not guaranteed.


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