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FOR IMMEDIATE RELEASE
OLDWICK, N.J. - JANUARY 08, 2009 12:00 AM (EST)
A.M. Best Co. has withdrawn the financial strength rating (FSR) of B++ (Good) and issuer credit rating (ICR) of "bbb+" of Concord Heritage Life Insurance Company, Inc. (Concord Heritage) (Concord, NH) and assigned an NR-5 (Not Formally Followed) to the FSR and a "nr" to the ICR following its acquisition by Unified Life Insurance Company (Unified Life) (Dallas, TX) from Allstate Corporation (Northbrook, IL). The FSR of B++ (Good) and ICR of "bbb+" of Unified Life are unchanged by this acquisition. Concord Heritage will be merged into Unified Life following regulatory approval, which should be received shortly.
Concord Heritage, with net premiums written of nearly $7.9 million, had offered supplemental life and health insurance products through worksite marketing primarily in the New England states.
A.M. Best believes the merger will provide further business and geographic diversification to Unified Life. The company's assumption of blocks of business and acquisitions of insurance companies in recent years have enabled it to offer a diverse array of health and life insurance products nationally to both individuals and groups.
For Best's Ratings, an overview of the rating process and rating methodologies, please visit Best's Rating Center.
Founded in 1899, A.M. Best Company is a global full-service credit rating organization dedicated to serving the financial and health care service industries, including insurance companies, banks, hospitals and health care system providers.