Toronto-based Foresters and its subsidiary Foresters Life Insurance Company have received “A” (Excellent) ratings from A.M. Best Company.
In addition, the independent insurance rating source upgraded Foresters Life Insurance Company from “A-“(Excellent) to “A” (Excellent). A.M Best has now affirmed Foresters “A” rating for 12 consecutive years.
Foresters subsidiary First Investors Life Insurance Company received an “A-“(Excellent) rating. A.M. Best also gave Foresters an issuer credit rating of “a+” and noted that the outlook for all ratings is stable.
Commenting on the ratings, George Mohacsi, president and CEO of Foresters said, “The upgraded rating for Foresters Life in such a challenging economic environment and the continued ‘Excellent’ ratings for Foresters and First Investors attest to Foresters financial strength and stability.”
Foresters has assets of $8.6 billion. Its gross premium income increased by 14% in 2011 and at the end of the year had more than 1.2 million certificates under management and almost 950,000 members.
Foresters conservative investment strategy has resulted in a strong surplus of $1.4 billion, assuring its ability to withstand adverse business and market conditions. With a Minimum Continuing Capital and Surplus Requirements (MCCSR) ratio of 336% as of December 31, 2011, Foresters solvency ratios3 are above local regulatory requirements and industry averages in all three countries in which it operates — Canada, the United States and the United Kingdom.
Foresters is the trade name and a trademark of The Independent Order of Foresters, a fraternal benefit society.