In a news release distributed earlier today John Hancock announced that Standard & Poors Rating Services (known commonly as "S&P") has upgraded John Hancock's financial strength rating from "AA+" to "AAA". This is S&P's highest rating for financial strength among 21 rating categories.
John Hancock is a wholly owned US subsidiary of Manulife Financial Corporation, a major Canadian-based financial services group with a global reach into 19 countries and territories worldwide..
John Hancock Life Insurance Company is a major player in the structured settlement industry as an annuity issuer. Consumers, attorneys, judges and insurers should be encouraged by this latest addition to the list of insurers with top financial ratings operating in the structured settlement industry.
Any remaining doubters need only look at the credit ratings for securitizations of settlement purchasing companies who buy structured settlement payment rights (which they are only too proud to promote!). Obviously their investors have no concern about the long term financial stability of the annuity issuers or the structured settlement annuity vehicle.
Long term cash flows and the need for stability make structured settlements, and the highly rated insurers that issue them, ideally suited to be part of the resolution of physical injury, physical sickness, wrongful death and workers compensation cases.