ROANOKE TIMES
Copyright (c) 1996, Roanoke Times
DATE: Friday, November 8, 1996 TAG: 9611080053
SECTION: BUSINESS PAGE: A12 EDITION: METRO
SOURCE: MAG POFF STAFF WRITER
Shenandoah Life Insurance Co. said Thursday it has been rated for the first time by Duff & Phelps Credit Rating Co., a Chicago financial services company.
The Roanoke company, selling life and group health insurance and annuities, was rated "A" for its ability to pay claims, the fifth-highest of 19 rankings assigned by Duff & Phelps. The highest is "Aaa." Robin Chalkley, a spokesman for Shenandoah Life, said the highest ratings are reserved for the largest companies.
Shenandoah Life already was rated by two other companies that grade corporations. It has an "A" rating from A.M. Best Co., its sixth highest rating, and a "B" from Weiss, its fifth level.
Shenandoah Life is a mutual insurance company, meaning it is owned by its policyholders.
The company said Duff & Phelps recognized its "strong balance sheet measured by a high-quality investment portfolio, solid capitalization and low operating leverage."
The national rating agency also considered the company's "recently strong profitability, conservative management philosophy and, to a lesser extent, its diversified product portfolio."
Edward J. Machado, Shenandoah Life's chief financial officer, said the ratings affirm for customers that "we are a financially strong company, highly capable of meeting our obligations and well positioned for growth."
LENGTH: Short : 35 linesby CNB