Pacific Life Financial Strength Ratings Upgrade by Moodys
John Darer • July 22, 2021
Structured Settlement Company in Aa3 Upgrade
Whale watchers, that sure is one happy whale! In "breaching news", Moodys has upgraded the financial strength ratings of Pacific Life Insurance Company and Pacific Life & Annuity Company to Aa3 from A1. The upgrade is effective July 21, 2021. The Moody's rating bears an outlook of Stable. This is excellent news for the Pacific Life companies, which are among the leading underwriters of structured settlement annuities.
According to Moody's positive Rating's Action " Pacific Life and its insurance subsidiaries' ratings have been up[graded to reflect the company's strong market position, excellent statutory capitalization, ongoing risk management actions and a commitment to its mutual philosophy (i..e focus on policyholder value). Moody's also points to Pacific Life's company level risk based capital ratio (CAL RBC) of 635% as of year end 2020.
Pacific Life Insurance Company underwrites structured settlement annuities in all states except New York, where structured settlement annuities are underwritten by Pacific Life & Annuity Company. Pacific Life offers 6 month lock-in fee free lock-ins for structured settlements.
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A structured settlement annuity does not drive the tax consequences of structured settlement annuity payments. It is the type of damages the structured settlement annuity payments represent, as reflected in the relevant settlement documentation executed by the settling parties
Structured settlement beneficiary death claim. An executor cannot change the beneficiary of a structured settlement annuity. StructuredTypically, settlement agreements permit the Payee to name or change a beneficiary, provided such change is in writing and submitted to the Assigmment Company or annuity issuer in writing and in proper form.
