Question:
I'd like to find the rating on 'United Life and Annuity Insurance Co".
They are part of PennCorp Financial Group. My friend has an annuity from
them and would like to know how they are doing in this down market.
Are there any sites out there that list insurance company ratings?
Answer:This story is reprinted from a special edition of SNL's Insurance Mergers &
Acquisitions.
Swiss Reinsurance Co. buying Southwestern Life Insurance Co. and Security
Life and Trust Insurance Co. from PennCorp Financial Group Inc. (PFG)
PennCorp to sell remainder of operations to Swiss Reinsurance for $260M
The Acrobat file of the complete issue contains further analysis (28K)
January 10, 2000 -- Swiss Reinsurance Co. subsidiary Reassure America Life
Insurance Co. has agreed to pay $260 million to acquire two units of
troubled insurance holding company PennCorp Financial Group Inc. The holders
of PennCorp's common stock, however, appear to be paying the highest price:
They will receive nothing after the company files for Chapter 11 bankruptcy
protection as part of the deal.
Swiss Re will acquire Southwestern Life Insurance Co. and Security Life and
Trust Insurance Co. in a sale that will require bankruptcy court
approval.The bankruptcy case will affect the holding company and certain
non-insurance affiliates. PennCorp's insurance subsidiaries will not be
included.
In addition, Dallas-based PennCorp agreed to sell its Waco, TX-based
insurance operations for $102 million in cash to a new acquisition company
formed by Thoma Cressey Equity Partners.Those operations include Pioneer
Security Insurance Co., Occidental Life Insurance Co. of North Carolina,
American-Amicable Life Insurance Co. of Texas and Pioneer American Insurance
