Steven Wevodau - Accident & Health Insurance News

Insurance Giant Appears on Corporate Responsibility Officer’s List for the First Time in 2009COLUMBUS, Ga., March 10 /PRNewswire-FirstCall/ — Aflac Incorporated was named to Corporate Responsibility Officer (CRO) magazine’s list of 100 Best Corporate Citizens for 2009. The survey ranks Russell 1000® companies on their performance in seven key areas: environment, climate change, human rights, philanthropy, employee relations, financial and governance. Aflac was tied for first place with several other companies under the category of corporate governance. The full list was announced on Friday, March 6, and will appear in the next issue of the magazine.

The 2009 100 Best Corporate Citizens List® methodology is based solely on publicly-available data, putting a premium on companies with high levels of public disclosure and transparency. All members of the Russell 1000 Index were considered for the honor.

“At Aflac we believe that transparency with shareholders and the public is good for business,” Aflac Chairman and CEO Dan Amos said. “We are proud to receive this recognition, which focuses on our company’s enthusiasm for disclosing information and demonstrating strong corporate ethics.”

“In good times, checkbook citizenship can win the day. But in tough times, strong reputations and transparency pack as much punch as a strong balance sheet. In today’s deep recession, human capital and financial capital seek safety — and companies like Aflac that are on the 100 Best Corporate Citizens List® are today’s safest harbors,” said CRO magazine publisher Jay Whitehead.

The Russell 1000 Index measures the performance of the large-cap segment of the U.S. equity universe. It is a subset of the Russell 3000® Index and includes approximately 1000 of the largest securities based on a combination of their market cap and current index membership.

About Aflac:

For more than 50 years, Aflac products have given policyholders the opportunity to direct cash where it is needed most when a life-interrupting medical event causes financial challenges. As the number one provider of guaranteed-renewable insurance in the United States and the number one insurance company in terms of individual insurance policies in force in Japan, Aflac insurance products provide protection to more than 40 million people worldwide. Aflac has been recognized by Ethisphere magazine as one of the World’s Most Ethical Companies for two consecutive years and was also named by the Reputation Institute as the Most Respected Company in the Global Insurance Industry in 2008. In 2009 Fortune magazine recognized Aflac as one of the 100 Best Companies to Work For in America for the eleventh consecutive year. Aflac appears on Hispanic Enterprise magazine’s list of the 50 Best Companies for Supplier Diversity and on Black Enterprise magazine’s list of the 40 Best Companies for Diversity. Aflac was also named by Forbes magazine as America’s Best-Managed Company in the Insurance category. Aflac Incorporated is a Fortune 500 company listed on the New York Stock Exchange under the symbol AFL. To find out more about Aflac, visit aflac.com.

(Logo: http://www.newscom.com/cgi-bin/prnh/20041202/CLTH019LOGO )

 

    Media Contacts:               Analyst and Investor Contact:
    Laura Kane                    Kenneth S. Janke Jr.
    Aflac Incorporated            Aflac Incorporated
    706.596.3493                  1.800.235.2667, Option 3; Fax: 706.324.6330
    lkane@aflac.com               kjanke@aflac.com

    Jon A. Sullivan
    Aflac Incorporated
    706.763.4813
    jsullivan@aflac.com

 

OLDWICK, N.J.–(BUSINESS WIRE)–A.M. Best Co. has commented that the ratings and positive outlook of Eastern Alliance Insurance Group (EAIG) and its members are unchanged following the recent announcement by EAIG’s holding company, Eastern Insurance Holdings, Inc. (EIHI) [NASDAQ: EIHI] that fourth quarter 2008 results were impacted by reserve development at EAIG’s sister company, Eastern Re Ltd. S.P.C. (Eastern Re) (Grand Cayman, Cayman Islands), EIHI’s run-off specialty reinsurance segment. EAIG consists of Eastern Alliance Insurance Company (EAIC), Allied Eastern Indemnity Company (AEIC), Eastern Advantage Assurance Company (EAAC) and Employers Security Insurance Company (ESIC) (Indianapolis, IN). A.M. Best also has commented that the ratings and stable outlook of Eastern Life and Health Insurance Company (ELH) are unchanged.On April 18, 2008, A.M. Best affirmed the financial strength rating of A- (Excellent) and issuer credit rating (ICR) of “a-” of EAIG and the ICR of “bbb-” of EIHI with a positive outlook on all ratings. Concurrently, A.M. Best affirmed the FSR of A- (Excellent) and ICR of “a-” of ELH with a stable outlook, based on EIHI’s agreement to guarantee the liabilities of ELH, as well as the company’s maintenance of a favorable level of risk-based capital. All companies operate under an intercompany pooling agreement and are domiciled in Lancaster, PA, unless otherwise specified.

The magnitude of the reserve strengthening action requires a reallocation of capital within the organization to replenish capital at Eastern Re. The required capital will be sourced through both EAIG and ELH, each of which maintains sufficient capital relative to their current ratings to source this requirement.

Despite the significant deterioration in EIHI’s 2008 operating results following the required reserve strengthening at Eastern Re during fourth quarter 2008, EAIG and ELH continue to record strong operating results and solid capitalization, while, in particular, EAIG maintains an excellent underwriting performance, which outperforms its peers by a wide margin.

For Best’s Credit Ratings, an overview of the rating process and rating methodologies, visit www.ambest.com/ratings.

The principal methodologies used in determining these ratings, including any additional methodologies and factors, which may have been considered, can be found at www.ambest.com/ratings/methodology.

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.

 

A.M. Best Co.
Analysts:
Gordon McLean, 908-439-2200, ext. 5304
gordon.mclean@ambest.com
or
Michelle Baurkot, 908-439-2200, ext. 5507
michelle.baurkot@ambest.com
or
Public Relations:
Jim Peavy, 908-439-2200, ext. 5644
james.peavy@ambest.com
or
Rachelle Morrow, 908-439-2200, ext. 5378
rachelle.morrow@ambest.com