AMLICAmerican Memorial Life Insurance Company
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Best expects that AMLIC and SPLIC will be integrated into Securian's credit insurance operations upon the close of the sale.
Best anticipates that Assurant will continue to capitalize USIC and AMLIC appropriately with capital contributions by year end to offset any temporary shortfalls.
USIC has experienced a decline in premium due to the run-off of its independent funeral home preneed business; the spin-off of its Canadian preneed operations; the decline in its small group medical block; and its refocus on groups under 500 lives in its employee benefit business, while AMLIC has generated less preneed business from Service Corporation International, its exclusive premium income source.
However, SCI's 2006 acquisition of Alderwoods does provide AMLIC opportunities to grow revenue, which also will be enhanced in the short term by Assurant's acquisition of Mayflower National Life Insurance, which was merged into AMLIC in 2007.
AMLIC and ALC operate as the North American preneed life insurance writing companies for Assurant, Inc.