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: Structured Settlements 4Real

New York Life "AAA" Affirmed by Fitch Rating

By John Darer

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On July 31, 2008 Fitch Ratings affirmed the "AAA" insurer financial strength ratings of of New York Life Insurance Company (NYLIC) and its wholly owned subsidiary, New York Life Insurance and Annuity Corporation (NYLIAC). Among other reasons cited, New York Life has modest exposure to sub-prime and was said to be "very manageable". This is good news for the structured settlement industry and structured settlement annuitants as well as those holding other New York Life inurance products such as life insurance.

Founded in 1845, New York Life Insurance Company is the annuity issuer for New York LIfe structured settlements and is the largest mutual life insurance company in the United States. It is listed as number 82 on the 2008 Fortune 100 and holds the distinction of being one of only 3 insurers with the highest ratings from all four major financial rating firms.

New York Life Insurance and Annuity Corporation (NYLIAC) is the qualified assignment company used for New York Life structured settlements.

Click here for the full Fitch/New York LIfe story on Market Watch

Full post as published by Structured Settlements 4Real on August 01, 2008 (boomark / email).