A.M. Best Co. dropped the financial strength ratings of American International Group's domestic life and retirement services subsidiaries a notch yesterday, citing “uncertainty” caused by the insurer's abrupt management change.
The Oldwick, N.J., firm acted after Sunday's sudden departure of AIG Chief Executive Officer Martin Sullivan, who was replaced by company Chairman Robert B. Willumstad.
Best, which made no change for other AIG subsidiaries, reduced its life retirement subsidiaries “Superior” financial strength ratings to “A-plus” from “A-double-plus,” and issuer credit ratings to “double-A” from “double-A-plus.”
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