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Weiss Research vs. AM Best

Posted by Scott A. Olson, CLTC on June 19, 2001 at 13:26:24:

In Reply to: Re: Rating Agencies Track Records posted by Steve Eads, CLU on June 14, 2001 at 20:17:51:

I started my career in the insurance industry in 1985. At that time I specialized in immediate annuities for defined benefit pension plans. I would shop 20 or more different insurers for my clients and help them get the best return on their pension funds.

One company which I recommended often was Executive Life Ins. Co. of California. Their rates were superb. I recommended them more than any other insurer because their rates were so good and because they had over 10 billion in assets and because they had the highest possible ratings from AM Best. I believed AM Best. And I recommended Exec Life to about 25% of my clients--more often than any other insurer.

Sometimes I'd hear rumors that Exec Life was investing in junk bonds and that they were not financially sound. However, I stood by AM Best and their ratings. I assumed that AM Best knew what they were doing when year after year they gave Exec Life their highest rating for financial stability.

Needless to say, I felt betrayed when Exec Life went belly up. Since then, I have had no confidence in AM Best....

That's my experience. I didn't read about it. I lived it... and I don't want to live through it again. That's why I like Weiss.

sao

Follow Ups:

Re: Weiss Research vs. AM Best : I started my career in the insurance industry in 1985. At that time I specialized in immediate annuities for defined benefit pension plans. I would shop 20 or more different insurers for my clients and help them get the best return on their pension funds. : One company which I recommended often was Executive Life Ins. Co. of California. Their rates were superb. I recommended them more than any other insurer because their rates were so good and because they had over 10 billion in assets and because they had the highest possible ratings from AM Best. I believed AM Best. And I recommended Exec Life to about 25% of my clients--more often than any other insurer. : Sometimes I'd hear rumors that Exec Life was investing in junk bonds and that they were not financially sound. However, I stood by AM Best and their ratings. I assumed that AM Best knew what they were doing when year after year they gave Exec Life their highest rating for financial stability. : Needless to say, I felt betrayed when Exec Life went belly up. Since then, I have had no confidence in AM Best.... : That's my experience. I didn't read about it. I lived it... and I don't want to live through it again. That's why I like Weiss. : sao

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