CONTACTS:
FOR IMMEDIATE RELEASE
OLDWICK, N.J. - MAY 04, 2001 12:00 AM (EDT)
A.M. Best Co. has placed the A+ (Superior) financial strength rating of First ING Life Insurance Company of New York (First ING) under review with developing implications. The rating action follows the announcement that the company has completed an agreement of sale to be jointly owned by Ohio National Financial Services, Inc. (Ohio National) and Security Mutual Life Insurance Company of New York (Security Mutual).
At the same time, A.M. Best has affirmed the A+ (Superior) financial strength rating of Ohio National's insurance subsidiaries, The Ohio National Life Insurance Company and Ohio National Life Assurance Corp. and the A (Excellent) financial strength rating of Security Mutual.
First ING will be renamed National Security Life and Annuity Company and will remain domiciled in New York. Ohio National is not licensed in New York and this venture will give Ohio National access to the New York market. This will enhance Ohio National's growing Institutional Sales distribution system, which has preferred-status selling agreements with PaineWebber, Prudential Securities and others. Ohio National expects significant variable annuity new business production in the New York market.
Security Mutual does not currently offer variable life and annuity products. This venture will provide its agency and brokerage distribution system with a portfolio of variable products
manufactured by National Security L&A in the New York and surrounding markets.
Ohio National will perform the principal backroom functions for National Security L&A, including product development and pricing, underwriting, separate account filing and management, policy issue and administration.
The rating of First ING will remain under review until the sale has been completed following approval by the New York Insurance Department.
A.M. Best Co., established in 1899, is the world's oldest and most authoritative insurance rating and information source.