by Structured Settlement Watchdog
Annuitants with Hartford Life structured settlements will be interested in Standard & Poors rating action on Hartford Financial Services Group and its subsidiaries, which includes former structured annuity issuer, Hartford Life Insurance Company
S&P credit analyst Shellie Stoddard is quoted in The Insurance Journal as saying:
"The ratings affirmation reflects our opinion that HIG's brand and franchise survived a tumultuous 2008 and 2009 intact. HIG has retained strong competitive positions in U.S. savings and retirement, group life and disability, and small and middle commercial and personal lines property/casualty markets. Meanwhile, it has exited certain institutional funding and international markets and repositioned itself in the U.S. retirement market with a lower-risk variable annuity offering"
While the ratings have been affirmed the outlook has been changed to negative from stable due to net income recovering more slowly than expected due to investment impairments and realized losses.
Hemming the backwash of some bitter elements in the structured settlement industry, Standard & Poors DID NOT assign any value whatsoever to the individual or collective contributions of attorney Richard B. Risk, Jr., the Society of Settlement Planners or the Spencer v Hartford "groupies" to the rating action.
Spencer v Hartford "groupies" do "the wave"
Hartford Life Insurance Company current ratings (March 17, 2010):
AM Best A
Fitch A-
S&P A
Moodys A3
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