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A.M. Best Withdraws Ratings of Two of AEGON N.V.'s U.S. Subsidiaries Due to Legal Entity Mergers
OLDWICK, N.J.-(Business Wire)-October 3, 2008 - A.M. Best Co. has withdrawn the financial strength rating (FSR) of A+ (Superior) and issuer credit ratings (ICR) of “aa†of Transamerica Occidental Life Insurance Company (TOLIC) and Life Investors Insurance Company of America (LIICA) (both of Cedar Rapids, IA). At the same time, A.M. Best has assigned a category NR-5 (Not Formally Followed) to the FSR and an “nr†to the ICRs.
TOLIC and LIICA were subsidiary companies of AEGON N.V.’s (The Netherlands) [NYSE: AEG] U.S. operations. AEGON’s U.S. life/health member companies are collectively referred to as AEGON USA.
On October 1 and October 2, 2008, respectively, TOLIC and LIICA were merged with and into Transamerica Life Insurance Company (Cedar Rapids, IA). The FSR and ICRs of the remaining life/health members of AEGON USA are unchanged.
For Best’s Ratings, an overview of the rating process and rating methodologies, please visit www.ambest.com/ratings.
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. For more information, visit www.ambest.com.
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