The "romance" is returning. Fitch Ratings has upgraded the Insurer Financial Strength (IFS) ratings of American International Group, Inc.'s (AIG) U.S. life insurance and retirement subsidiaries led by AGC Life Insurance Company to 'A+' from 'A which puts AIG on par with the Fitch ratings of The Prudential Insurance Company of America and Pacific Life Insurance Company .
This is notable because in May 12, 2011 Fitch said "American International Group’s future success without government support will depend on a number of factors that are hard to predict right now" [Source: National Underwriter report of May 12, 2011]
AIG issues structured settlement annuities through American General Life Insurance Company (in all states but New York); United States Life Insurance Company ine City of New York (for New York cases). The qualified assignment company that holds the annuity contracts is guaranteed by AGC Life Insurance Company *
Former structured settlement annuity issuing companies in the group include, Western National Life Insurance Company and Variable Annuity Life Insurance Company (VALIC).
Read the Fitch report as published by Reuters here
*Image Credit: Aleksey Telnov/Dreamstime.com