Fitch Ratings affirmed its AAA (exceptionally strong) financial strength rating on New York Life, its highest possible rating, and A.M. Best affirmed the company’s financial strength rating of A++ (superior), its highest possible rating. Both agencies have New York Life on a stable outlook.
In addition to Fitch and A.M. Best, the current ratings and opinions of Moody’s and Standard & Poor’s remain in effect.
Among the highlights from the major rating agencies’ comments in affirming New York Life’s ratings are:
Fitch Ratings – Rating of AAA (highest) affirmed June 22, 2012
- Very strong capital;
- Consistent operating earnings driven by its large book of traditional life insurance reserves;
- Well diversified liquid investment portfolio;
- Leading position in the U.S. life insurance and annuity markets; and
- Effective execution of its strategy to distribute products primarily through a career distribution channel targeting middle-market customers.
A.M. Best – Rating of A++ (highest) affirmed June 5, 2012
- Leading market position in the U.S. life industry;
- Highly productive career agency force;
- Superior capital position;
- Favorable liability profile;
- Stable earnings; and
- Commitment to mutuality.
In other industry news:
Western and Southern Financial Group, Cincinnati, Ohio, has appointed Anthony M. Garcia as president of W&S Agency Group, and Bryan C. Dunn, current president of W&S Agency Group, as president of The Lafayette Life Insurance Company.
Garcia will join Western & Southern in August. He has held senior management roles with Allstate Insurance Company, Household International/HSBC and Healthmarkets, Inc. His most recent position was as president and chief executive officer for TIAA-CREF Life Insurance Company.
Garcia earned an MBA from Northwestern University’s Kellogg Graduate School of Management and an undergraduate degree in Finance from Delta State University in Mississippi, and holds a Series 7 securities license. He will be moving to the Cincinnati area with his wife, Donna, and their family.
Dunn has been in his current position since 2004 and has been with Western & Southern Financial Group since 1996. Prior to that, he worked for Prudential Life Insurance Company after playing professional basketball in Europe.
Connecture, Inc., Waukesha, Wis., has promoted Travis Potts to vice president, client services.
Potts previously served as director of client services at Connecture – a role in which he oversaw numerous implementations of the company’s Web-based health insurance marketplace, service and administrative technologies within the nation’s most successful health insurance carriers.
In his new role, Potts will oversee implementations of Connecture’s technology and ongoing maintenance at the numerous carriers that utilize InsureAdvantage – the platform for health insurance distribution. He will also be responsible for the management of client services teams in Atlanta, Ga., Farmington, Conn. and Waukesha, Wis.
Prior to joining Connecture, Potts served as a project manager at Northwestern Mutual, a position he held for nearly nine years. Earlier in his career he was a software developer for Fiserv, a provider of information management and electronic commerce systems for the financial services industry. Potts also taught leadership classes at the U.S. Military Academy at West Point during his extended service in the U.S. Army.