CHICAGO, Feb. 4 /PRNewswire/ -- Fort Dearborn Life Insurance Company of
New York (FDLNY) is pleased to announce it will commence business in the state
of New York.
"We are proud to now be conducting business in the state of New York,"
said Larry Newsom, president and CEO of FDLNY. "This is an important step in
our distribution growth strategy for the group life and disability business,
as well as the annuity business. We look forward to the new opportunities this
market will provide."
FDLNY (previously named Northstar Life) was acquired by Fort Dearborn Life
Insurance Company (Fort Dearborn Life) in July 2007. FDLNY is rated A+
(Strong) by Standard & Poor's for financial strength in its most recent report
and A (Excellent) by A.M. Best Company(1). Beginning today, the company will
roll out group life and AD&D, group short-term disability, and New York
Disability Benefits Law (DBL). Additional products being developed include
group long-term disability, group dental and individual annuities.
To support distribution efforts in New York, FDLNY is acquiring the group
life and disability business of HM Life Insurance Company of New York. This
sale was recently approved by the New York Department of Insurance. The
company expects to acquire and transition the business in upcoming months.
FDLNY is a wholly owned subsidiary of Fort Dearborn Life Insurance Company
(Fort Dearborn Life). With more than 35 years experience, Fort Dearborn Life
is among the country's leading providers of employee benefits. Fort Dearborn
Life markets group life, short- and long-term disability, dental and
individual annuity programs. Fort Dearborn Life has $2.2 billion in assets
and $151 billion of life insurance in force. Fort Dearborn Life is rated A+
(Superior) by A.M. Best Company, affirmed November 1, 2007 and is rated A+
(Strong) by Standard and Poor's for financial strength in its most recent
report. Fort Dearborn Life is a subsidiary of Health Care Service Corporation
(HCSC), a Mutual Legal Reserve Company.
(1) Affirmed Nov. 1, 2007. A.M. Best Company rates the overall financial
condition of a company using a scale of A++ (Superior) to F (In
Liquidation).
SOURCE Fort Dearborn Life Insurance Company of New York
John Myers, Manager, Corporate Communications of Fort Dearborn Life Insurance
Company of New York, +1-630-824-5637, John_Myers@fdlic.com
