by John Darer CLU ChFC CSSC RSP
On July 31, 2008 Fitch Ratings affirmed the "AAA" insurer financial strength ratings of of New York Life Insurance Company (NYLIC) and its wholly owned subsidiary, New York Life Insurance and Annuity Corporation (NYLIAC). Among other reasons cited, New York Life has modest exposure to sub-prime and was said to be "very manageable". This is good news for the structured settlement industry and structured settlement annuitants as well as those holding other New York Life inurance products such as life insurance.
Founded in 1845, New York Life Insurance Company is the annuity issuer for New York LIfe structured settlements and is the largest mutual life insurance company in the United States
New York Life is listed as number 82 on the 2008 Fortune 100 and holds the distinction of being one of only 3 insurers with the highest ratings from all four major financial rating firms at time of publication.
New York Life Insurance and Annuity Corporation (NYLIAC) is the qualified assignment company used for New York Life structured settlements.
Fun Facts about New York Life Building
- Did you know that the New York Life building was at 51 Madison Avenue in New York City was opened in 1928, when President Calvin Coollidge pressed a button in The White House?
- The Cass Gilbert designed building was built on the site of the second Madison Square Garden on the Northeast corner of Madison Square park. In case you're wondering, there have been 4 Madison Square Gardens!
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