EP Award Promo

Tickers: July 9


A.M. Best Co. has assigned a financial strength rating of A+ (Superior) and an issuer credit rating of “aa-” to Principal National Life Insurance Co., a subsidiary of Principal Financial Group Inc. The outlook assigned to both ratings is negative. A.M. Best noted that Principal National Life is expected to start offering fixed products during the third quarter and will essentially replace Principal Life Insurance Co. as the company’s main writer of new individual life policies outside of New York. Principal has stated that it will maintain capital and surplus within the subsidiary in an amount that meets or exceeds the requirements necessary to maintain certificates of authority in the 49 states where it is licensed.

Initial claims for unemployment benefits fell by 52,000 last week to a seasonally adjusted 565,000, the lowest level since early January, the Associated Press reported. Meanwhile continuing claims, which lag behind initial claims by one week, rose to a record high of 6.88 million. The drop in first-time claims is partially due to a technical factor. When seasonally adjusting figures, the Labor Department takes into account that automobile manufacturers normally lay off workers in early July as factories restructure to start building next year’s models. But that didn’t occur this month. The non-seasonally adjusted figure increased by about 17,000 to 577,506 initial claims.

European Union antitrust regulators have approved BP plc and E.I. du Pont de Nemours & Co.’s joint takeover of U.S. company Biobutanol LLC after finding that the deal created no competition concerns, Reuters reported. The deal would give BP and DuPont, parent company of Johnston-based Pioneer Hi-Bred International Inc., technology related to the commercial production of biobutanol, a fuel component made from biomass.

The fourth installment of the “Do More in the City” series for interns working this summer in Greater Des Moines will take place tonight from 5 to 7 p.m. at Principal Financial Group Inc. Participants will have a chance to network and participate in a panel discussion with local CEOs. Visit www.desmoinesmetro.com/events for more information or to register.

americanequity web 040123 300x250