SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) October 15, 1996
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Security-Connecticut Corporation
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(Exact name of registrant as specified in its chapter)
Delaware 001-12746 06-1383088
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
20 Security Drive
Avon, Connecticut 06001
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (860) 677-8621
(Former name or former address, if changed since last report) Not Applicable
The Exhibit Index is located on Page 4
Page 1 of 7 Pages
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Item 5. Other Events
On October 15, 1996, Moody's Investors Service, Inc. ("Moody's") announced
that it has assigned a Baa1 insurance financial strength rating to
Security-Connecticut Life Insurance Company, the principal insurance operating
subsidiary of Security-Connecticut Corporation. A copy of Moody's press release,
dated October 15, 1996, is filed herewith as Exhibit 1.
Item 7.Financial Statements, Pro Forma Financial Information and Exhibits
a. Financial Statements
None
b. Pro Forma Financial Information
None
c. Exhibits
1. Moody's Investors Service, Inc. Press Release, dated October 15, 1996.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereto duly authorized.
SECURITY-CONNECTICUT CORPORATION
DATED: October 21, 1996 By: Robert J. Voight
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Name: Robert J. Voight
Title: Executive Vice President,
Financial Management
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EXHIBIT INDEX
Page in
Sequentially
Exhibit Numbered
Number Description Copy
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1. Moody's Investors Service, Inc. Press Release, dated October 15, 1996. 5
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EXHIBIT 1
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New York New York
Robert Riegel Laura Bazer
Managing Director Senior Analyst
Financial Institutions Group Financial Institutions Group
Moody's Investors Service Moody's Investors Service
JOURNALISTS: (212) 553-0376 JOURNALISTS: (212) 553-0376
SUBSCRIBERS: (212) 553-1653 SUBSCRIBERS: (212) 553-1653
MOODY'S ASSIGNS Baa1 INSURANCE FINANCIAL STRENGTH RATING TO SECURITY-CONNECTICUT
LIFE INSURANCE COMPANY
New York, October 15, 1996 -- Moody's Investors Service assigned a Baa1
insurance financial strength rating to Security-Connecticut Life Insurance
Company (SCL) -- the principal insurance operating subsidiary of
Security-Connecticut Corporation (SCC) (senior debt at Baa3). The rating is
based primarily on SCL's established niche in the upscale market for individual
life insurance and annuities, its good quality investment portfolio, and its
adequate capitalization. Offsetting these strengths are the company's limited
scale, its narrow focus on highly competitive, interest-sensitive life and
annuity products, and a relatively high expense profile.
SCL specializes in the sale of term and universal life insurance and
individual deferred annuities, distributed by independent agents to upper- and
middle- income individuals. Moody's noted the company's strong systems
capabilities, which allow for direct link-up with its independent agents. The
rating agency also noted that more rigorous reserving requirements may
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restrain SCL and the industry's growth of term life insurance sales for policies
with long term guarantees.
Security-Connecticut Life Insurance Company, headquartered in Avon,
Connecticut, is a wholly-owned subsidiary of Security-Connecticut Corporation.
At June 30, 1996, the insurance company had statutory assets of $1.5 billion and
statutory capital of $155 million.
end
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