Ratings agencies are viewing Allmerica Financial Corporation's decision to divest most of its life operations as a strong positive for the company's property-casualty businesses.
Both Fitch and Standard & Poor's reacted to Allmerica's decision by upgrading the credit rating of certain of Allmerica's corporate securities, affirming the credit rating of some of the company's p-c subsidiaries and placing others on credit watch positive.
Allmerica announced Tuesday it has agreed to sell its variable life insurance and variable annuity businesses to Goldman Sachs Group Inc. Those units were the last of its life insurance business, which it put into runoff in 2002.
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