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The long-term-care insurer said it gave Imagine a notification of breach because it has not provided letters of credit, as required under its reinsurance agreement, for business written before 2002 by subsidiaries Penn Treaty Network America Insurance Co. and American Network Insurance Co. The company said the notification did not involve newly issued policies.
The company said it anticipates seeking arbitration if Imagine does not provide the letters of credit. It said Imagine has notified it that the reinsurer believes Penn Treaty?s failure to obtain an obligatory premium rate increase is a regulatory risk event under the terms of the reinsurance agreement and that it is not required to post the collateral.
Penn Treaty said full credit for the agreement would remain in place during the arbitration proceedings, and that it has more than $1 billion in established reserves, which it believes are sufficient for the payment of future policyholder claims.
Penn Treaty Network America Insurance Co. and American Network Insurance Co. both currently have a Best's Financial Strength Rating of B- (Fair).
Imagine Insurance Company Ltd., part of Brookfield Asset Management Inc. (NYSE: BAM), currently has a Best?s Financial Strength Rating of A- (Excellent).
In late trading on Aug. 22, shares of Penn Treaty American Corp. were selling at $2.17, up 8.50% from the previous close, and shares of Brookfield Asset Management were selling at $30.48, up 0.79% from the previous close.
(By Alyn Ackermann, senior associate editor, BestWeek: Alyn.Ackermann@ambest.com)
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