September 30, 2016
A.M. Best Upgrades Mutual Trust's Credit Rating to
A.M. Best upgraded Mutual Trust Life Insurance Company's Financial Strength Rating (FSR) to A (Excellent) from A- (Excellent) September 29, 2016. According to A.M. Best, the upgrade reflects the rating agency’s view of the successful integration of Mutual Trust Financial Group and the Pan-American Life Mutual Holding Company after the November 2015 merger, as well as "the strategic importance of Mutual Trust as the functional focal point of the domestic life business of the consolidated entity."
Click here to view A.M. Best's Rating Report.*
"This rating action, less than one year after the merger, is a strong indication of the significance of being part of a larger organization that has a diversified product portfolio and a commitment to exceptional financial strength," explains Steve Batza, FSA, MAAA, CLU, ChFC, President and CEO of Mutual Trust Life Insurance Company. "Mutual Trust is proud to be leading the growth of Pan-American Life Insurance Group's (PALIG) U.S. Life Business," Batza adds.
On September 29, A.M. Best also reaffirmed Pan-American Life Insurance Company's FSR of A (Excellent). According to A.M. Best, this reaffirmation reflects the benefits derived from the company’s long-established presence and name recognition in Latin America and the U.S.-Hispanic marketplace, as well as an improved balance sheet and income statement, solid consolidated risk-adjusted capitalization, a well-performing fixed-income investment portfolio, and positive net operating performance.
"As we approach the first anniversary of the merger, these ratings are further confirmation that as one company, we are stronger than ever," concludes José S. Suquet, PALIG's Chairman of the Board, President and CEO. "I am confident that the road ahead will see us attain even greater heights."
Click here to view A.M. Best's Rating Report.*
Click here to view the press release from A.M. Best.
* The Best's Rating Report(s) reproduced on this site appear under license from A.M. Best and do not constitute, either expressly or implied, an endorsement of (Licensee)'s products or services. A.M. Best is not responsible for transcription errors made in presenting Best's Rating Reports. Best's Rating Reports are copyright© A.M. Best Company and may not be reproduced or distributed without the express written permission of A.M. Best Company. Visitors to this web site are authorized to print a single copy of the Best's Rating Report(s) displayed here for their own personal use. Any other printing, copying or distribution is strictly prohibited.
Best's Ratings are under continuous review and subject to change and/or affirmation. To confirm the current rating, please visit the A.M. Best web site, www.ambest.com.
January 4, 2016
Notice to Illinois Policyowners Affected by Recent Flooding
Due to the recent flooding that struck Calhoun, Jackson, Jersey, Madison, Monroe, Randolph, St Clair, Cass, Cumberland, Iroquois, Lawrence, Marion, Menard, Moultrie, Pike, Richland, Sangamon, Vermilion, Alexander, Christian, Clinton, Douglas and Morgan counties in Illinois, along with any property in or around these counties, the Illinois Department of Insurance has issued a mandate that all Illinois insurers must adhere to. As a result, effective immediately, please be advised that:
- Mutual Trust will not issue any new cancellation or nonrenewal notices to affected policyholders until February 29, 2016, or a later time if deemed reasonable given to a consumer’s circumstances. If a cancellation or nonrenewal notice was issued after December 29, 2015 to an affected policyholder, Mutual Trust is willing to withdraw the cancellation of coverage and reinstate the policy;
- For affected policyholders, Mutual Trust will extend all policy provisions or other requirements that impose a time limit for an insured or claimant to perform any act, including the submission of a claim or proof of loss, reporting of information, submission of bills, or payment of funds. The extension of time allotted for these individuals will be a minimum of 60 days from the later of the time allowed by Mutual Trust or Mutual Trust’s contract;
- Mutual Trust will consider exceptions to policy or contract requirements, or to other rating or underwriting rules when such contractual requirements or rating or underwriting rules are not met as a result of this disaster; and
- All Illinois consumers can file a complaint regarding any disaster-related dispute or issue by contacting the Illinois Department of Insurance at 1-866-445-5364 or by filing a complaint online at https://mc.insurance.illinois.gov/messagecenter.nsf.
If you are or were affected by this flooding, please contact us at (800) 323-7320.
December 7, 2015
Mutual Trust Increases its Dividend Payout for 2016
Mutual Trust is increasing its dividend payout for 2016. The decision, which comes during a period of ongoing turbulence in the economy and continually falling interest rates, is due to our excellent financial results through the first three quarters of 2015, improved mortality experience on our currently issued products and the additional capital flexibility resulting from our merger with Pan-American.
The increased dividend payout is due not only to the normal increases that occur within a dividend scale as the policies age, but also a slight increase in the scale for currently issued products as a result of the positive mortality trend.
At Mutual Trust, we take great pride in delivering outstanding guaranteed values to our policyholders. Although dividends are not required nor guaranteed, we view them as an important added benefit to the strong policy guarantees of our participating whole life products. With our more than century-long record of consistently paying dividends and our commitment to our policyholders, we are pleased to be able to increase our dividend payout in 2016.
The 2016 dividend changes will be effective on participating in-force policies starting February 1, 2016.
November 4, 2015
A.M. Best Revises Mutual Trust's Outlook to "Positive" and Affirms FSR of A-
A.M. Best revised Mutual Trust Life Insurance Company's outlook to "positive" from "stable" and affirmed the company's financial strength rating (FSR) of A- (Excellent) on November 3, 2015. This action follows Mutual Trust’s merger with Pan-American Life Insurance Group (PALIG) on October 30.
According to A.M. Best, its revised outlook reflects Mutual Trust's potential for rating enhancement as it is integrated into the operations of its affiliates as a stand-alone subsidiary of PALIG and the functional focal point of the consolidated entity's domestic life business. A.M. Best expects the merger to revitalize PALIG's domestic life segment, rebalance its geographic diversification and be "immediately accretive to PALIG's earnings."
"The affirmation of Mutual Trust's ratings continues to reflect the company's favorable stand-alone business profile focusing on traditional whole life, its positive, albeit fluctuating, trend of operating earnings, and its growth in absolute and risk-adjusted capitalization," explains A.M. Best. In addition, "The ratings reflect the diversification and improved risk profile of Mutual Trust's investment portfolio," concludes the rating agency.
On November 3, A.M. Best also affirmed PALIG's FSR of A (Excellent), issuer credit ratings of "a" and outlook of "stable".
A.M. Best is the world's oldest and most authoritative insurance rating and information source.
To read the complete press release from A.M. Best, click here.
November 3, 2015
Mutual Trust Rated "A" Insurer Financial Strength by Fitch Ratings
Fitch Ratings assigned Mutual Trust Life Insurance Company a rating of "A" Insurer Financial Strength (IFS) on November 2, 2015. This follows the company's merger with Pan-American Life Insurance Group (PALIG) on October 30. At the same time, Fitch also affirmed the "A" IFS rating for PALIG and its wholly owned subsidiary, Pan-American Assurance Company (PAAC). Fitch’s rating outlook for all three organizations is stable.
The "A" rating for Mutual Trust "reflects the company's status as a 'very important' subsidiary within the Pan-American enterprise," notes Fitch. According to the rating company, "Mutual Trust's stand-alone credit profile reflects its adequate competitive position in the U.S. life insurance market, strong balance sheet fundamentals and modest earnings profile." Fitch does not expect a change in this rating or outlook for the next 12 to 18 months.
Fitch Ratings, Inc., is a leading provider of credit ratings, commentary and research for the financial services industry.
Click here for the complete press release from Fitch.
November 2, 2015
Mutual Trust Financial Group and Pan-American Life Insurance Group Complete Merger of their Mutual Holding Companies
Pan-American Life Insurance Group announced today that Pan-American Life Mutual Holding Company and Mutual Trust Holding Company have completed the merger of the companies into one mutual holding company. The merger of the two mutual insurance holding companies positions the combined entity as a premier life, accident and health insurance provider in the Americas, with presence in the United States and 22 other jurisdictions throughout Latin America and the Caribbean.
To learn more about the merger, you can read the full press release here.
July 20, 2015
Notice of Public Hearing
In connection with the proposed merger of Mutual Trust Holding Company ("MTL") with and into Pan-American Life Mutual Holding Company ("Pan-American"), a hearing will be held at the Offices of the Illinois Department of Insurance, 320 West Washington Street, Springfield, Illinois 62767 on August 10, 2015 at 10:00 a.m. The purpose of the hearing will be to determine whether the Director of Insurance of the State of Illinois should approve the Agreement and Plan of Merger, dated April 7, 2015, between MTL and Pan-American (the "Merger Agreement").
Any interested person may appear or otherwise be heard at the public hearing. Any person wishing to submit a written statement concerning the Merger Agreement being considered by the Director should do so by mailing a copy of such written statement to the attention of Anne Melissa Dowling, Director of the Illinois Department of Insurance, 320 West Washington Street, Fourth Floor, Springfield, Illinois 62767, on or prior to August 3, 2015. In order to facilitate the orderly conduct of the public hearing, any person wishing to make an oral statement can indicate his or her desire to do so by notifying the Director at the above address on or prior to August 3, 2015. If you have any questions that you would like answered by those speaking at the public hearing, you may submit those questions in writing on or before July 27, 2015.
The State of Illinois requires all persons, prior to entering the Department's offices, to present one of the following forms of photo identification:
Valid driver's license or valid identification card from any U.S. state;
Valid U.S. passport or valid passport issued by another country;
Any valid military identification or any valid picture identification issued by a government entity within the U.S.; or
Valid identification issued by a foreign consulate.
FAILURE TO PRESENT AN ACCEPTABLE FORM OF IDENTIFICATION COULD RESULT IN YOUR BEING DENIED ACCESS TO THE DEPARTMENT’S OFFICES.
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