During a special meeting of Commercial Travelers Insurance Company (CT) (formerly Commercial Travelers Mutual Insurance Company) held on April 25 in Utica, N.Y., policyholders approved the demutualization of Commercial Travelers and subsequent acquisition by National Guardian Life Insurance Company (NGL).
“The demutualization is an important step for NGL and CT. NGL entered into an affiliation with CT in April 2012. The 5-year transition to full ownership has involved the dedication and efforts of many people. I would like to extend my thanks and appreciation to everyone at CT and NGL who have contributed to the acquisition and demutualization process. We look forward to continued growth and success of CT now as our New York based subsidiary,” said Mark Solverud, NGL President and CEO.
“CT is proud of our 134-year history in the Utica community. Joining NGL, another century old insurance company, offers stability to our policyholders and new opportunities for growth in the future,” said Philip Grece, Vice President and Director of Student Health at NGL.
Following the demutualization of CT, A.M. Best upgraded its Financial Strength Rating to A- (Excellent) and the Long-Term Issuer Credit Rating to “a-.” According to a news release from A.M. Best, the rating upgrades also reflect CT’s high level of integration with NGL, including an ongoing intercompany reinsurance agreement, common management and a variety of shared resources.
A.M. Best is the world’s oldest and most authoritative insurance rating information source. The financial strength rating is based on a comprehensive quantitative and qualitative evaluation of a company’s balance sheet strength, operating performance and business profile.
“This allows the NGL group of companies to market its products through CT in New York with the same “A-” rating held by NGL and its subsidiary, Settlers Life Insurance Company. Both NGL and Settlers are licensed in all states except New York,” said Brian Hogan, Senior Vice President and Chief Financial Officer at NGL.
About Commercial Travelers Insurance Company
Since 1883, Commercial Travelers has provided coverage for student accident, health and special risk markets to students in K-12 through college, school sports, and special risk coverage. Located in Utica, N.Y., NGL entered into an affiliation with Commercial Travelers in 2012. For more information, visit www.commercialtravelers.com.
About Settlers Life Insurance Company
A member of NGL group of companies since 1999, Settlers Life Insurance Company is located in Bristol, Va. Settlers Life specializes in simplified issue, final expense, and whole life insurance coverage for ages 15 days to 85 years. Additional information about Settlers Life can be found at www.settlerslife.com.
About National Guardian Life Insurance Company
Since 1910, National Guardian Life Insurance Company (NGL), a mutual insurance company, has been located in Madison, Wis. Licensed to do business in 49 states and the District of Columbia, NGL markets preneed and individual life and annuities, as well as group markets products including specialty and student insurance. Additional information about NGL can be found at www.nglic.com; Facebook: Facebook.com/NGLIC and LinkedIn: https://www.linkedin.com/company/national-guardian-life-insurance-company
National Guardian Life Insurance Company is not affiliated with The Guardian Life Insurance Company of America a/k/a The Guardian or Guardian Life.