A.M. Best Withdraws Ratings of Two Aviva USA Subsidiaries Due to Legal Entity Mergers

2008-10-08 02:57:01 -

www.ambest.com - A.M. Best Co. has withdrawn the financial strength rating (FSR) of A+ (Superior) and issuer credit ratings (ICR) of "aa-" of Aviva Life Insurance Company (Aviva Life) (Wilmington, DE) and Indianapolis Life Insurance Company (Indianapolis Life) (Indianapolis, IN). 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.

Aviva Life and Indianapolis Life were life/health subsidiaries of Aviva USA Corporation (Aviva USA) (Des Moines, IA). Aviva USA represents the U.S. operations of AVIVA plc (United Kingdom).

After the close of business on September 30, 2008, Aviva USA completed the mergers of Aviva Life and Indianapolis Life with and into Aviva Life and Annuity Company (Aviva Life and Annuity) (Des Moines, IA), an affiliated member of the Aviva USA Group. The FSRs and ICRs of the remaining life/health members of the Aviva USA Group are unchanged.

Additionally, as part of this transaction, the $25 million surplus notes (due in 2011) of Indianapolis Life were assumed by Aviva Life and Annuity. The rating is unchanged.

For Best's Debt Ratings, all other 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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