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A.M. Best recognizes Goldman Sachs Group insurers financial strength

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A.M. Best recently affirmed the strong financial strength rating of a number of Goldman Sachs Group insurance subsidiaries, including Commonwealth Annuity and Life Insurance Company and First Allmerica Financial Life Insurance Company.

The companies, which offer a number of reinsurance options including universal and variable universal life insurance, as well as traditional life insurance and payout annuities, received a financial strength rating of A-, indicating excellent financial standing and credit ability.

While A.M. Best notes that the company may experience some difficulty going forward because the market has seen a number of its competitors gain in recent months, in a larger sense, this is an indication of market strength in the life insurance industry as a whole.

According to the American Council of Life Insurers, in 2009, 57 percent of all life insurance purchased in the United States was obtained through a life insurance agent. Though life insurance sales waned in the wake of the economic downturn, recent reports note that sales are up as Americans are able to purchase life insurance and annuities once again. 

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