Standard & Poor’s recently announced that the top insurers in the country may lose their leading credit ratings as a result of the debates that have raised the federal debt ceiling. Affected insurance companies could include New York Life Insurance and the Texas-based USAA, as well as the Teachers Insurance & Annuity Association of America, Northwestern Mutual Life Insurance Co., and Knights of Columbus. Standard & Poor’s stated that each of these insurers risk losing their AAA credit ratings. The S&P statement said that the cause is the “significant holdings”…
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