Preferred Life Insurance Company of New York Assigned 'A' pi Rating by Standard & Poor's

Jun 22, 1998, 01:00 ET from Standard & Poor's CreditWire

    NEW YORK, June 22 /PRNewswire/ -- Standard & Poor's today assigned its
 single-'A' pi insurer financial strength rating to Preferred Life Insurance
 Co. of NY.
     The company is licensed in seven states.  Preferred Life's major line of
 business is ordinary individual annuities, and the company is a member of
 Allianz Insurance Group, a large insurance group.  The company commenced
 operations in 1984.  The principle state in which Preferred Life operates is
 New York.
     Standard & Poor's believes the company benefits from its relationship
 with its parent company, Allianz Life Insurance Co. North America, which has a
 rating of single-'A' pi.
     Ratings denoted with a 'pi' subscript are insurer financial strength
 ratings based on an analysis of published financial information and additional
 information in the public domain.  The ratings do not reflect in-depth
 meetings with an insurer's management nor do they incorporate material
 nonpublic information, and are therefore based on less comprehensive
 information than ratings without a pi subscript.  Pi ratings are reviewed
 annually based on a new year's financial statements, but may be reviewed on an
 interim basis if a major event that may affect an insurer's financial security
     The pi rating process covers U.S insurers to which Standard & Poor's
 previously assigned quantitative ('q') ratings, and may include information
 beyond that used to derive the previous quantitative-only ratings.  Pi ratings
 are not modified with 'plus' or 'minus' designations, nor are they subject to
 potential CreditWatch listings, Standard & Poor's said. -- CreditWire

SOURCE Standard & Poor's CreditWire