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UnumProvident Downgrade
We wanted to bring to your attention recent news about UnumProvident. Both Standard & Poor's and Moody's announced a downgrade in UnumProvident's insurance rating. The downgrade was based on uncertainty of the outcome of investigations by insurance regulators into the company's business practices. In addition, there is some concern about the company's ability to implement their business strategy.
An insurance company's rating is the measurement of its overall financial strength. This measurement is a determining factor in evaluating the company's ability to meet its obligations to policyholders. Standard & Poor's dropped their rating from Strong (A-) to Good (BBB+). Moody's rating was adjusted from Good (A3) to Adequate (Baa1).
If you have any questions about UnumProvident's rating and how it compares to other insurance companies, please contact your Benefits Consultant. |
