Foresters Gets A.M. Best "A" Excellent Rating for 13th year [Manufacturing Close - Up] - Insurance News

Foresters Gets A.M. Best “A” Excellent Rating for 13th year [Manufacturing Close – Up]

Proquest LLC

Foresters, an international life insurance provider, has received an "A" (Excellent) rating from A.M. Best Company.

This independent rating is an important measure of the organization's financial strength and stability, reflecting Foresters ability to pay claims. A.M. Best also gave Foresters an issuer credit rating of "a+". A.M Best has now affirmed Foresters "A" rating for 13 consecutive years.

In addition, A.M. Best assigned an "A-" (Excellent) rating for Foresters subsidiary Foresters Life Insurance Company and an "A-" (Excellent) rating for subsidiary First Investors Life Insurance Company. The outlook for all ratings is stable which means it is unlikely to change in the near future, assuming the organization's financial strength is maintained and its operations grow.

Commenting on the ratings, George Mohacsi, President and CEO, Foresters said, "The continued "Excellent" ratings for Foresters and its subsidiaries attest to our financial strength and stability. We're looking forward to increased growth and continued financial strength as we deliver on our purpose to champion family well- being."

Foresters has shared its financial strength with its members and their communities for almost 140 years and is today in a strong financial position with assets of $9 billion CDN. Foresters gross premium income increased by 11 percent in 2012 and at the end of the year, it had more than 1.3 million certificates under management and over one million members in Canada, the US and the UK.

Foresters conservative investment strategy has resulted in a strong surplus of $1.5 billion CDN 2, assuring its ability to withstand adverse business and market conditions. With a Minimum Continuing Capital and Surplus Requirements (MCCSR) ratio of 376 percent as of December 31, 2012, Foresters solvency ratios3 are above local regulatory requirements and industry averages in all three countries in which it operates - Canada, the US and the UK.