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FOR IMMEDIATE RELEASE
OLDWICK, N.J. - APRIL 05, 2006 12:00 AM (EDT)
A.M. Best Co. has affirmed the financial strength rating (FSR) of B++ (Very Good) of Utica National Life Insurance Company (UNL) (Utica, NY), removed it from under review with negative implications and assigned it a stable outlook.
This rating action follows the announcement that Wilton Re U.S. Holdings, Inc., parent of Wilton Reassurance Company (Wilton Re) (Minneapolis, MN) has reached a definitive agreement to acquire UNL from Utica National Insurance Group (Utica, NY). In August 2005, UNL announced its sale to Inviva, Inc.; however, the transaction was not consummated by mutual consent.
When the acquisition is completed and if UNL remains an ongoing entity within Wilton Re, its rating will be re-evaluated using the group rating methodology to determine UNL's capitalization and strategic value to the organization. Block and company acquisitions are core to Wilton Re's strategy. Regulatory approval is expected to take 90 to 120 days.
The FSRs of A- (Excellent) of Wilton Reinsurance Bermuda Limited (Hamilton, Bermuda) and Wilton Reassurance Company are unchanged. These ratings have a stable outlook.
For Best's Ratings, an overview of the rating process and rating methodologies, please visit Best's Rating Center.
For current Best's Ratings, independent data and analysis on more than 1,100 individual life/health companies and A.M. Best groups, please visit Best's Life/Health Center.
A.M. Best Co., established in 1899, is the world's oldest and most authoritative insurance rating and information source.