Lately, there has been more good news for an insurer among the many gloomy accounts as A.M. Best Co. maintained the financial strength evaluation of BMO Life Assurance Company (BMO Life), reinforcing the rating at an “A”, or “Excellent”. In addition, BMO Life’s issuer credit rating was also sustained at an “a”. Even better, the predictions for BMO Life were assessed as stable, considering the Company's statements and other information available on BMO Life and its parent, Bank of Montreal.
BMO Life is a subsidiary of Bank of Montreal (BMO). It is one of a few insurers owned by BMO, but is a fundamental one for that matter, catering to specific groups of clients in the insurance market. Hence, analysts can see BMO supporting BMO Life in case of any possible future economic issues or financial shortages. During the recent financial earthquake, BMO Life was significantly harmed in the instabilities within the busy insurance marketplace and needs to recuperate from all the financial and status shortfalls.
BMO can offer a wide selection of insurance policies, ranging from individual life insurance through universal life , term life, whole life, critical illness, guaranteed issue life insurance to structured settlements and annuities. The product portfolio is arguably relatively unique and thus attracts specific subsets of insurance clientele. That may well be considered BMO's core strength. BMO Life sells its products mainly through a network of agents originally established by AIG Life.
In 2009, Bank of Montreal (BMO) decided to obtain AIG Life Insurance Company of Canada. The entire company was transformed into a new brand of BMO Life Assurance Company, although its principal business model remained mainly unaltered. Analysts welcomed this acquisition well, since AIG Life/BMO Life now has a established and sizable parent willing to maintain the subsidiary’s expansive and step in if problems occur.
The BMO group has another insurer: BMO Life Insurance. This entity is sovereign and detached from BMO Life Assurance Company, has its own agent network and history but exists within the same family. Find more information about BMO Life Assurance Company here.
