Recently, A.M. Best Co. affirmed the issuer credit rating
Hartford Financial Services Group Inc.
) at "bbb+" along with all the debt ratings of the company. The
rating agency also revised the ICR of Hartford Life, Inc. to
"bbb-" from "bbb+" and downgraded its debt ratings.
A.M. Best also affirmed the financial strength rating (FSR) of
Hartford Fire Insurance Company and its pooling subsidiaries and
affiliates at "A" and their ICR at "a+." Further, the rating
agency changed the status of all the above mentioned ratings from
'under review with developing implications' to 'stable.'
Moreover, the rating agency downgraded the FSR of Hartford
Financial's subsidiaries -- Hartford Life and Accident Insurance
Company (HLA), Hartford Life Insurance Company (HLIC), Hartford
Life and Annuity Insurance Company (ILA) and Hartford
International Life Reassurance Corporation (HILRE) - to "A-" from
"A" and their ICR to "a-" from "a."
The rating agency also revised the debt ratings of Hartford
Life Global Funding Trusts, Hartford Life Institutional Funding
and HLIC downward. The outlook for these ratings was changed to
'stable' from 'under review with negative implications.'
The ratings of Hartford Fire and its subsidiaries are based on
strong risk-adjusted capitalization, underwriting and operating
strength and solid market positioning in the property and
casualty business, partially offset by the underwriting losses
and weak operating results in the recent quarters and volatility
in earnings and return on equity. The downgrade of Hartford Life
was based on the reduced business profile due to the divestitures
Hartford Financial currently carries a Zacks Rank #4 (Sell).
Other multi-line insurers worth considering are
Assured Guaranty Ltd.
CNO Financial Group Inc.
). All these companies carry a Zacks Rank #1 (Strong Buy).
AGEAS-ADR (AGESY): Get Free Report
ASSURED GUARNTY (AGO): Free Stock Analysis
CNO FINL GRP (CNO): Free Stock Analysis
HARTFORD FIN SV (HIG): Free Stock Analysis
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