We would love to hear from you. Click on the ‘Contact Us’ link to the right and choose your favorite way to reach-out!

wscdsdc

media/speaking contact

Jamie Johnson

business contact

Victoria Peterson

Contact Us

855.ask.wink

Close [x]
pattern

Industry News

Categories

  • Industry Articles (21,890)
  • Industry Conferences (2)
  • Industry Job Openings (36)
  • Moore on the Market (472)
  • Negative Media (144)
  • Positive Media (73)
  • Sheryl's Articles (823)
  • Wink's Articles (371)
  • Wink's Inside Story (280)
  • Wink's Press Releases (127)
  • Blog Archives

  • October 2024
  • September 2024
  • August 2024
  • July 2024
  • June 2024
  • May 2024
  • April 2024
  • March 2024
  • February 2024
  • January 2024
  • December 2023
  • November 2023
  • October 2023
  • September 2023
  • August 2023
  • July 2023
  • June 2023
  • May 2023
  • April 2023
  • March 2023
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
  • December 2017
  • November 2017
  • October 2017
  • September 2017
  • August 2017
  • July 2017
  • June 2017
  • May 2017
  • April 2017
  • March 2017
  • February 2017
  • January 2017
  • December 2016
  • November 2016
  • October 2016
  • September 2016
  • August 2016
  • July 2016
  • June 2016
  • May 2016
  • April 2016
  • March 2016
  • February 2016
  • January 2016
  • December 2015
  • November 2015
  • October 2015
  • September 2015
  • August 2015
  • July 2015
  • June 2015
  • May 2015
  • April 2015
  • March 2015
  • February 2015
  • January 2015
  • December 2014
  • November 2014
  • October 2014
  • September 2014
  • August 2014
  • July 2014
  • June 2014
  • May 2014
  • April 2014
  • March 2014
  • February 2014
  • January 2014
  • December 2013
  • November 2013
  • October 2013
  • September 2013
  • August 2013
  • July 2013
  • June 2013
  • May 2013
  • April 2013
  • March 2013
  • February 2013
  • January 2013
  • December 2012
  • November 2012
  • October 2012
  • September 2012
  • August 2012
  • July 2012
  • June 2012
  • May 2012
  • April 2012
  • March 2012
  • February 2012
  • January 2012
  • December 2011
  • November 2011
  • October 2011
  • September 2011
  • August 2011
  • July 2011
  • June 2011
  • May 2011
  • April 2011
  • March 2011
  • February 2011
  • January 2011
  • December 2010
  • November 2010
  • October 2010
  • September 2010
  • August 2010
  • July 2010
  • June 2010
  • May 2010
  • April 2010
  • March 2010
  • February 2010
  • January 2010
  • December 2009
  • November 2009
  • October 2009
  • August 2009
  • June 2009
  • May 2009
  • April 2009
  • March 2009
  • November 2008
  • September 2008
  • May 2008
  • February 2008
  • August 2006
  • A.M. Best Comments on Credit Ratings of Massachusetts Mutual Life Insurance Company Following Sale of OppenheimerFunds to Invesco

    October 18, 2018 by A.M. Best

    OLDWICK, N.J.–(BUSINESS WIRE)–Oct 18, 2018–A.M. Best has commented that the Credit Ratings (ratings) of Massachusetts Mutual Life Insurance Company (MassMutual) (Springfield, MA) remain unchanged following the Oct. 18, 2018, announcement that it has entered into an agreement to sell Oppenheimer Funds, Inc. (OppenheimerFunds) to Invesco. The Financial Strength Rating of A++ (Superior) and the Long-Term ICRs of “aa+” for MassMutual and its operating insurance subsidiaries also are unchanged following the announcement. Additionally, the Long-Term Issue Credit Ratings on MassMutual’s surplus notes of “aa-” and its notes issued under funding agreement-backed securities in MassMutual Global Funding, LLC and MassMutual Global Funding II of “aa+” remain unchanged. The outlooks of these ratings are stable.

    Invesco has agreed to purchase OppenheimerFunds from MassMutual for $5.7 billion in exchange for the issuance of $4 billion in preferred stock to MassMutual with a coupon of 5.9% and a 21-year non-call provision and approximately $1.7 billion in common stock. Prospectively, MassMutual will have a 15.5% ownership stake, a seat on Invesco’s board and will become Invesco’s single largest institutional shareholder. The transaction is tax-deferred and it is anticipated that it will be granted equity accounting treatment and will be accretive to risk-adjusted capitalization with an increase in total statutory adjusted capital of approximately $4.0 billion, which A.M. Best views favorably. This transaction is expected to close in the second quarter of 2019.

    The transaction is moderately negative from a near-term earnings perspective (incorporating transaction costs), but A.M. Best expects it to be accretive in the longer term. OppenheimerFunds’ operating income has been positive over the past several years, although results have faced some pressure from the secular trends occurring within the highly competitive global asset management marketplace. These trends include the shift from active to passive management, the need for technological investment in digitalization and improvement in the customer experience. The transaction effectively swaps operational control of OppenheimerFunds for a steady stream of dividend income, reduces the impact of equity market volatility on economic capital and eliminates MassMutual’s need for additional capital investment in OppenheimerFunds. The transaction improves Invesco’s scale and market rankings in global asset management and is complementary from a fund line-up perspective.

    A.M. Best views the sale as having a neutral impact on MassMutual’s favorable business profile assessment. While the company will be less diversified in its asset management segment, the OppenheimerFunds sale will allow MassMutual to focus on core life insurance offerings, in which MassMutual maintains leading market positions in whole life, disability income and strong institutional capabilities within pension risk transfer, bank-owned life insurance and funding agreements. A.M. Best notes that MassMutual will continue to retain its Barings asset management subsidiary, which is focused on institutional asset management.

    This press release relates to Credit Ratings that have been published on A.M. Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see A.M. Best’sweb page. For additional information regarding the use and limitations of Credit Rating opinions, please view . For information on the proper media use of Best’s Credit Ratings and A.M. Best press releases, please view .

    A.M. Best is a global rating agency and information provider with a unique focus on the insurance industry. Visit for more information.

    Copyright © 2018 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

    View source version on businesswire.com:https://www.businesswire.com/news/home/20181018005946/en/

    CONTACT: A.M. Best

    Frank Walko

    Financial Analyst

    +1 908 439 2200, ext. 5072

    frank.walko@ambest.com

    or

    Christopher Sharkey

    Manager, Public Relations

    +1 908 439 2200, ext. 5159

    christopher.sharkey@ambest.com

    or

    Rosemarie Mirabella

    Director

    +1 908 439 2200, ext. 5892

    rosemarie.mirabella@ambest.com

    or

    Jim Peavy

    Director, Public Relations

    +1 908 439 2200, ext. 5644

    james.peavy@ambest.com

    KEYWORD: UNITED STATES EUROPE NORTH AMERICA MASSACHUSETTS NEW JERSEY

    INDUSTRY KEYWORD: PROFESSIONAL SERVICES FINANCE INSURANCE

    SOURCE: A.M. Best

    Copyright Business Wire 2018.

    PUB: 10/18/2018 04:37 PM/DISC: 10/18/2018 04:37 PM

    http://www.businesswire.com/news/home/20181018005946/en

    Originally Posted at AP News on October 18, 2018 by A.M. Best.

    Categories: Industry Articles
    currency