NYL & NWM Put on Review by S&P, Downgrade Possible

[scagnt83]

Just another fallout from our politicians being children.

No financial institution can have a higher rating than the sovereign debt.

So a whole slew of financial institutions just went on review since the US was just put on review.


So if the US is downgraded then all AAA rated institutions get downgraded too... dont you just love politics??


News Headlines

 

[BNTRS]

Shhh, facts are inconvenient, can't we talk about it instead like they did something wrong?

Well, actually I suppose buying US debt was probably wrong

 

[scagnt83]

Well, it happened. And NYL was sooooooo proud of that AAA rating when they got it back a few years ago!

ProducersWeb - S&P lowers insurers ratings

 

[Brokers Alliance]

Here's the S&P Top 20 List (No More AAA S&P Carriers) Only 4 U.S Companies are S&P AAA Rated: [FONT=Arial","sans-serif]Automatic Data Processing, Exxon Mobil, Johnson & Johnson,and Microsoft. [/FONT]

1 Teachers Ins & Ann Assoc NY AA+

2 Northwestern Mutual Life Ins WI AA+

3 Massachusetts Mutual Life Ins MA AA+

4 New York Life Ins Co NY AA+

5 New York Life Ins & Ann DE AA+

6 Guardian Life Ins Co of Amer NY AA+

7 Knights of Columbus CT AA+

8 USAA Life Ins Co TX AA+

9 Western-Southern Life Assur OH AA+

10 Guardian Ins & Ann Co Inc DE AA+

11 Western & Southern Life Ins OH AA+

12 C M Life Ins Co CT AA+

13 Berkshire Hathaway Life of NE NE AA+

14 Integrity Life Ins Co OH AA+

15 National Integrity Life Ins Co NY AA+

16 MML Bay State Life Ins Co CT AA+

17 TIAA-CREF Life Ins Co NY AA+

18 Columbus Life Ins Co OH AA+

19 General Re Life Corporation CT AA+

20 Berkshire Life Ins Co of Amer MA AA+

 

[DHK]

In addition - think about what most/all of these companies invest in the general account? Treasuries!

So the portfolio for life carriers has changed, therefore, the risk classifications have increased, which then warrant the downgraded ratings.

Insurers should be buying gold in this market.

 

[billberry12]

What is the date of this list?

 

[VolAgent]

In addition - think about what most/all of these companies invest in the general account? Treasuries!

So the portfolio for life carriers has changed, therefore, the risk classifications have increased, which then warrant the downgraded ratings.

Insurers should be buying gold in this market.

Why, you want a bigger bubble than we have?

 

[sluggo08]

Didn't NWM take delivery of something like $400MM in physical gold of couple of years ago? If they still have it, I am not sure how they got downgraded. Gold is up something like $700 an ounce since they bought it too......That means if they are still holding it, they have something like $700MM in gold. Not a big fan of NWM, but that was one hell of a call on their part.

 

[Brokers Alliance]

The S&P Insurance Carrier List is today's update off the watch list provided by Vital Signs an EBIX company.

 

[BNTRS]

Can everyone just take a moment, step back, and think of all the money the Shorts on Wall Street just made setting this whole thing up?

There are some people in New Canaan, CT planning one hell of a cocktail party for this weekend.