Press Releases

A.M. Best Upgrades Issuer Credit Ratings of AmFirst Insurance Company and Monitor Life Insurance Company of New York

FOR IMMEDIATE RELEASE
OLDWICK - APRIL 15, 2015

A.M. Best has upgraded the issuer credit ratings to "bbb+" from "bbb" and affirmed the financial strength rating of B++ (Good) of AmFirst Insurance Company (AmFirst) (Oklahoma City, OK) and its wholly owned subsidiary, Monitor Life Insurance Company of New York (Monitor Life) (Utica, NY). The outlook for all ratings is stable.

The upgrade reflects AmFirst and Monitor Life's net premium revenue growth, consistent operating results and strong capital growth. On a consolidated basis, net premium revenue for the companies has shown material growth in the past year, driven by increased sales of its medical gap products through strategic relationships and the retention of business that had been ceded to an affiliate. Overall operating earnings reached their highest level in the past five years, driven by favorable operating trends for the group's core Premium Saver product, as well as its growing dental business. Although the organization's core medical gap products have high acquisition costs, they produce good operating margins and operating cash flows. Capital growth trends have also been strong with earnings being retained by AmFirst in support of the company's growing business. Additionally, Monitor Life's ratings reflect the strategic role the company has within the AmFirst organization, as well as favorable operating trends and a good level of risk-adjusted capital. Since being acquired by AmFirst, Monitor Life has provided the organization with both product and geographic expansion and has contributed meaningfully to overall earnings.

Positive rating movement on AmFirst's and Monitor Life's ratings could occur if the companies continue to report premium growth while maintaining a high level of risk-adjusted capital, sustained operating earnings and margin trends, as well as further earnings diversification. Conversely, negative rating movement could occur if either company experiences a material deterioration in operating performance or a significant decline in risk-adjusted capital.

The methodology used in determining these ratings is Best's Credit Rating Methodology, which provides a comprehensive explanation of A.M. Best's rating process and contains the different rating criteria employed in the rating process. Best's Credit Rating Methodology can be found at www.ambest.com/ratings/methodology.

Key insurance criteria reports utilized:

• Rating Members of Insurance Groups
• Risk Management and the Rating Process for Insurance Companies
• Understanding BCAR for U.S. and Canadian Life/Health Insurers

This press release relates to rating(s) that have been published on A.M. Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please visit A.M. Best's Ratings & Criteria Center.

A.M. Best Company is the world's oldest and most authoritative insurance rating and information source.

A.M. Best Reaffirms B++ Rating for AmFirst

Insurer Adds Michigan License

Posted January 8, 2013 in Oklahoma City, OK

In order to expand its opportunities AmFirst Insurance Company has continued to seek licenses in new states and territories. During the first week of January, AmFirst was informed by the Michigan Department of Insurance and Financial Services that its license to sell Life, Accident and Health Insurance has been approved. This becomes the seventeenth state in the U.S. to grant AmFirst a Life, Accident and Health license.

AmFirst, whose administrative offices are at 5722 I-55 North Frontage Road, Jackson, Mississippi 39211, is proud to announce this new license. AmFirst Insurance Company specializes in writing supplemental medical products such as medical gap plans, dental, vision, and mini-med plans. In 2011, AmFirst also began to market group term life insurance products to employers and affinity groups.

AmFirst products are marketed in the United States by Morgan White Group, a Jackson, Mississippi third party administrator and marketer of supplemental insurance products. In the Caribbean, products will be administered by Morgan-White Administrators International, Inc. in Miami, Florida.

A.M. Best Upgrades Ratings of AmFirst Insurance Company and Monitor Life Insurance Company of New York

Posted April 24, 2012 in Oldwick, NJ

A.M. Best Co. has upgraded the financial strength rating to B++ (Good) from B+ (Good) and issuer credit ratings to "bbb" from "bbb-" of AmFirst Insurance Company (AmFirst) (Oklahoma City, OH) and its wholly-owned subsidiary, Monitor Life Insurance Company of New York (Monitor Life) (Utica, NY). The outlook for all ratings is stable.

The upgrading of the ratings reflects AmFirst's consistent growth in capital, as displayed by its solid risk-adjusted capitalization, as well as the positive earnings stream and expanded geographic and product diversification. The AmFirst group also benefits from a well established and growing medical gap plan niche market.

Monitor Life's ratings are bolstered by the implicit and explicit support of AmFirst, including the capital contribution it received in 2011, which allowed for Monitor Life to grow its capital, as well as AmFirst's commitment to allow Monitor Life to grow its capital in the future through retained earnings. A.M. Best expects AmFirst and Monitor Life to maintain operating stability through positive premium growth trends and organic capital growth via continued earnings expansion going forward. A.M. Best also believes that AmFirst's acquisition of Monitor Life has created opportunities for product and market expansion in Monitor Life's geographic areas and has provided an additional vehicle for the group to expand its profitability.

A.M. Best believes AmFirst and Monitor Life are well positioned at their current ratings.

AmFirst Insurance Company Acquires Monitor Life Insurance Company of New York

Posted December 6, 2010 in Oklahoma City, OK

AmFirst Insurance Company has received approval from the New York State Insurance Department to acquire Monitor Life Insurance Company of New York from the Commercial Travelers Insurance Company. Monitor Life is licensed for life and health in 25 states primary in the Northeastern United States. While there is some duplication of licenses between AmFirst and Monitor, this acquisition will expand the area to market the supplemental products that AmFirst presently sells to 31 states in the U.S. and the British Virgin Islands.

Today, Monitor Life markets group term life products in their 25 state market area and has an agreement with an A- (Excellent) AM Best rated carrier to market Monitor Life group term life products in the other 25 states in the U.S. AmFirst management is very excited to add group term life products to its product portfolio as each company's products are filed and approved in the other company's licensed states.

David White, the President of AmFirst says, " this is an exciting new chapter for AmFirst, Monitor Life, our employees and all of the brokers who sell our products. We welcome all of the Monitor Life agents and brokers into our family and look forward to working with them all."

AmFirst products are marketed in the United States by Morgan-White, Ltd., a Jackson, Mississippi, marketer of supplemental insurance products. AmFirst products are administered in the U.S. by Morgan-White Administrators, Inc. and in the Caribbean, AmFirst insurance products will be administered by Morgan-White Administrators International, Inc. in Miami, Florida.

Insurer Adds Licenses

Posted December 1, 2010 in Oklahoma City, OK

In order to expand its opportunities, AmFirst Insurance Company has continued to seek licenses in new states and territories. In 2009, we added several states and increased our licenses in the U.S. to fifteen states. In 2010, AmFirst has added two new state licenses and our first license outside of the United States in the British Virgin Islands. With this announcement we are adding another new license. On September 30, 2010, the Georgia Department of Insurance informed AmFirst of its approval of a life and health license in their state. This brings the total number of states in the U. S. to eighteen. AmFirst is very excited about this new opportunity to serve the citizens of Georgia with their products.

AmFirst Insurance Company specializes in writing supplemental medical products such as medical gap plans, dental, vision, and group term life insurance. AmFirst will begin to write individual and group major medical plans in the Caribbean in 2010.

AmFirst products are marketed in the United States by Morgan-White, Ltd., a Jackson, Mississippi, marketer of supplemental insurance products. AmFirst products are administered in the U.S. by Morgan-White Administrators, Inc. and in the Caribbean, AmFirst insurance products will be administered by Morgan-White Administrators International, Inc. in Miami, Florida.

Insurer Adds Licenses

Posted January 31, 2010 in Oklahoma City, OK

In order to expand its opportunities AmFirst Insurance Company has continued to seek licenses in new states and territories. In 2009, we added several states and increased our licenses in the U.S. to fifteen states. With this announcement we are adding several new licenses. On December 24, 2009, we were informed by the British Virgin Islands Financial Services Commission that our license to sell Accident and Health Insurance in that country had been approved. While its sister company, AmFirst Insurance Company, Ltd., a Bermuda domiciled insurer, has been selling medical insurance in Latin America and the Caribbean Islands for the last fifteen years, this is the first license sought and approved by AmFirst Insurance Company, our Oklahoma domiciled company. AmFirst expects to file in other Caribbean Island jurisdictions in 2010.

During the first week of January, AmFirst was informed by the West Virginia Insurance Commission that its license to sell Accident and Health Insurance has been approved. This becomes the sixteenth state in the U.S. to grant AmFirst an Accident and Health license. Also during that week, AmFirst was informed that the Texas Department of Insurance approved their amending their license to add life insurance to their present Accident and Health Licenses.

AmFirst, whose administrative offices are at 5722 I-55 North Frontage Road, Jackson, Mississippi 39211, is proud to announce these new licenses. In January, AmFirst will acquire AFIC Administrators from one of the companies in the holding company. This new acquisition of a Third Party Administrator will increase the volume, profit, and reach of AmFirst Insurance Company.

AmFirst Insurance Company specializes in writing supplemental medical products such as medical gap plans, dental, vision, and mini-med plans. AmFirst will begin to write individual and group major medical plans in the Caribbean in 2010.

AmFirst products are marketed in the United States by Morgan White Group, a Jackson, Mississippi third party administrator and marketer of supplemental insurance products. In the Caribbean, products will be administered by Morgan-White Administrators International, Inc. in Miami, Florida.

Insurer Adds Maryland License

Posted November 3, 2009 in Oklahoma City, OK

Maryland Insurance Administration has notified AmFirst Insurance Company their license application has approved to write life, accident and health insurance. AmFirst whose administrative offices are at 5722 I-55 North Frontage Road, Jackson, Mississippi 39211, is proud to announce its Maryland license can now be added to its licenses in Alabama, Arizona, Arkansas, Florida, Louisiana, Oklahoma, North Carolina, Mississippi, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, and Virginia.

AmFirst's President, David R. White says, "we had filed to be licensed in 17 states by the end of 2009. As of today, all but three have approved our admission into their state. We expect to hear from one additional state in this year. Our goal is to have our products available to half the population of the U.S by the end of 2010." AmFirst Insurance Company specializes in writing supplemental medical products such as term life insurance, medical gap plans, dental, vision, and mini-med plans. These very successful AmFirst products are now be available to the over 125 million citizens in the U.S. or 42% of the population.

AmFirst products are marketed by Morgan White Group, a Jackson, Mississippi third party administrator and marketer of supplemental insurance products.

Insurer Adds Ohio License

Posted October 22, 2009 in Oklahoma City, OK

The Ohio Department of Insurance has notified AmFirst Insurance Company their license application has approved to write life, accident and health insurance. AmFirst whose administrative offices are at 5722 I-55 North Frontage Road, Jackson, Mississippi 39211, is proud to announce its Ohio license can now be added to its licenses in Alabama, Arizona, Arkansas, Florida, Louisiana, Oklahoma, North Carolina, Mississippi, Pennsylvania, South Carolina, Tennessee, Texas, and Virginia.

AmFirst's President, David R. White says, "we had filed to be licensed in 17 states by the end of 2010. As of today, all but three have approved our admission into their state. Our goal is to have our products available to half the population of the U.S by the end of 2010." AmFirst Insurance Company specializes in writing supplemental medical products such as medical gap plans, dental, vision, and mini-med plans. These very successful AmFirst products are now be available to the over 120 million citizens in the U.S. or 40% of the population.

AmFirst products are marketed by Morgan White Group, a Jackson, Mississippi third party administrator and marketer of supplemental insurance products.

Insurer Adds Pennsylvania License

Posted March 25, 2009 in Oklahoma City, OK

The Bureau of Licensing and Financial Analysis of the Pennsylvania Insurance Department has notified AmFirst Insurance Company their license application has approved to write accident and health insurance. AmFirst whose administrative offices are at 5722 I-55 North Frontage Road, Jackson, Mississippi 39211, is proud to announce its Pennsylvania license can now be added to its licenses in Alabama, Arizona, Arkansas, Florida, Louisiana, Oklahoma, North Carolina, Mississippi, South Carolina, Tennessee, Texas, and Virginia.

AmFirst's President, David R. White says, "we had filed to be licensed in 16 states by the end of 2008. As of today, all but two have approved our being admitted into their state. Several states have a backlog and we expect to hear from these last two more by the second or third of this year. Our goal is to have our products available to half the population of the U.S by the end of 2009." AmFirst Insurance Company specializes in writing supplemental medical products such as medical gap plans, dental, vision, and mini-med plans. These very successful AmFirst products are now be available to the over 105 million citizens in the U.S.

AmFirst products are marketed by Morgan White Group, a Jackson, Mississippi third party administrator and marketer of supplemental insurance products.

Insurer Adds Virginia License

Posted January 12, 2009 in Oklahoma City, OK

The Bureau of Insurance, a division of the Virginia State Corporation Commission has approved AmFirst Insurance Company for its Virginia license to write accident and health insurance. AmFirst whose administrative offices are at 5722 I-55 North Frontage Road, Jackson, Mississippi 39211, is proud to announce its Virginia license can now be added to its licenses in Mississippi, Oklahoma, Louisiana, Tennessee, Arizona, Arkansas, Alabama, Texas, North Carolina, Florida and South Carolina.

AmFirst's President, David R. White says, "we had filed to be licensed in 16 states by the end of 2008. Several states have a backlog and we expect to hear from three more by the first or second quarter of this year. Our goal is to have our products available to half the population of the U.S by the end of 2009." AmFirst Insurance Company specializes in writing supplemental medical products such as medical gap plans, dental, vision, and mini-med plans. These very successful AmFirst products are now be available to the over 91 million citizens in the U.S.

AmFirst products are marketed by Morgan White Group, a Jackson, Mississippi third party administrator and marketer of supplemental insurance products.

Insurer Adds Florida License

Posted December 22, 2008 in Oklahoma City, OK

The Florida Office of Insurance Regulation approved AmFirst Insurance Company for its Florida license to write accident and health insurance. AmFirst whose administrative offices are at 5722 I-55 North Frontage Road, Jackson, Mississippi 39211, is proud to announce its Florida license can now be added to its licenses in Mississippi, Oklahoma, Louisiana, Tennessee, Arizona, Arkansas, Alabama, Texas, North Carolina and South Carolina.

AmFirst Insurance Company specializes in writing supplemental medical products such as medical gap plans, dental, vision, and mini-med plans. These very successful AmFirst products can now be available to the over 83 million citizens in the U.S.

AmFirst products are marketed by Morgan White Group, a Jackson, Mississippi third party administrator and marketer of supplemental insurance products.

Insurer Adds North Carolina License

Posted December 15, 2008 in Oklahoma City, OK

The North Carolina Department of Insurance approved AmFirst Insurance Company for its North Carolina license to write accident and health insurance. AmFirst whose administrative offices are at 5722 I-55 North Frontage Road, Jackson, Mississippi 39211, is proud to announce its North Carolina license can now be added to its licenses in Mississippi, Oklahoma, Louisiana, Tennessee, Arizona, Arkansas, Alabama, Texas, and South Carolina.

AmFirst Insurance Company specializes in writing supplemental medical products such as medical gap plans, dental, vision, and mini-med plans. These very successful AmFirst products can now be available to the over 68 million citizens in the U.S.

AmFirst products are marketed by Morgan White Group, a Jackson, Mississippi third party administrator and marketer of supplemental insurance products.

Insurer Adds South Carolina License

Posted November 11, 2008 in Oklahoma City, OK

The South Carolina Department of Insurance approved the State of South Carolina Insurance License for AmFirst Insurance Company on October 15, 2008. AmFirst whose administrative offices are at 5722 I-55 North Frontage Road, Jackson, Mississippi 39211, is proud to announce its South Carolina license can now be added to its eight other licenses.

AmFirst Insurance Company specializes in writing supplemental medical products such as medical gap plans, dental, vision, and mini-med plans.

AmFirst products are marketed by Morgan White Group, a Jackson, Mississippi third party administrator and marketer of supplemental insurance products.

A.M. Best Assigns Ratings to AmFirst Insurance Company

A.M. Best Co. has assigned a financial strength rating (FSR) of B+ (Good) and an issuer credit rating (ICR) of "bbb-" to AmFirst Insurance Company (AmFirst) (Oklahoma City, OK). The outlook assigned to both ratings is stable.

The ratings reflect AmFirst's niche market focus in selling its group medical gap and association dental coverages. These products continue to produce good profit margins, which have helped AmFirst to grow its capital and surplus position. The company's relationships with certain other larger insurers has enabled it to expand into additional territories, have access to new business opportunities and help keep its expense structure at acceptable levels.

Being a young and growing company, AmFirst faces challenges on profitably building its book of business while keeping its expense levels in line and not encountering servicing issues. Given its modest capitalization level, it does not have a large margin for error. While the company is actively looking to write business in new states through its relationships with other insurers and on a direct basis, AmFirst currently has concentrated its book of business in Mississippi. This concentration exposes the company to potential economic, regulatory and competitive challenges.

For Best's Ratings, an overview of the rating process and rating methodologies, please visit Best's Rating Center.

Founded in 1899, A.M. Best Company is a global full-service credit rating organization dedicated to serving the financial and health care service industries, including insurance companies, banks, hospitals and health care system providers. For more information, visit www.ambest.com.

AmFirst Insurance Company Ltd. assumes all AmFirst Insurance Company of Oklahoma's International Policies

We are very proud to announce that on December 31, 2005 AmFirst Insurance Company, Ltd will assume all of the AmFirst Insurance Company of Oklahoma's International Medical Policies. There will be no changes in coverage or price at the assumption date. The reinsurers for AmFirst of Oklahoma (The Marlborough and Amlin Syndicates at Lloyd's) will also remain as the reinsurers for AmFirst, Ltd.

AmFirst Insurance Company, Ltd. is a Bermuda domiciled insurance company that was formed by the owners of Morgan-White and AmFirst Insurance Company of Oklahoma in January of 2005 and approved for operation by the Bermuda Monetary Authority in February of 2005. The Bermuda Insurance Industry is now considered to be as important as London Market. Requirements for new companies are very strict and capital requirements are substantial. Bermuda is now the insurance international insurance home for several large U.S. companies such as Nationwide Insurance Company and MetLife. AmFirst Insurance Company, Ltd. is owned by the same insurance holding company as AmFirst of Oklahoma.

The first time that any premium changes could be made is on the renewal date of your policy in 2006.

Assumption Certificate

Memo to AmFirst Insurance Clients

Memo to MorganWhite Administrators International

AmFirst Insurance Company
Registered Office:
201 Robert S. Kerr Avenue, Suite 600
Oklahoma City, Oklahoma 73102-4267
David R. White, President
601-956-2028, ext. 105
Fax: 601-957-6838

FOR IMMEDIATE RELEASE:

Insurer Adds Texas License

Posted August 17, 2005 in Oklahoma City, OK

The Texas Department of Insurance approved the State of Texas Insurance License for AmFirst Insurance Company today. AmFirst whose administrative offices are at 407 Briarwood Drive, Suite 201, Jackson, Mississippi 39206, is proud to announce its Texas license can now be added to its licenses in Mississippi and Oklahoma.

AmFirst Insurance Company specializes in writing supplemental medical products such as medical gap plans, dental, vision, and mini-med plans. These very successful AmFirst products can now be available to the over 17 million citizens of Texas.

AmFirst products are marketed by Morgan White Group, a Jackson, Mississippi third party administrator and marketer of supplemental insurance products.

PRESS RELEASE

AmFirst Insurance Company
Registered Office:
201 Robert S. Kerr Avenue, Suite 600
Oklahoma City, Oklahoma 73102-4267
David R. White, President
601-956-2028, ext. 105
Fax: 601-957-6838

FOR IMMEDIATE RELEASE: AMFIRST INSURANCE COMPANY IS APPROVED AS A MEMBER OF THE FEDERAL HOME LOAN BANK OF DALLAS.

AmFirst Insurance Company becomes member of the Federal Home Loan Bank of Dallas.

Posted July 31, 2003 in Oklahoma City, OK

AmFirst Insurance Company announced today that its application to become a member of the Federal Home Loan Bank of Dallas has been accepted on July 30, 2003. The Federal Home Loan Bank System consisting of 12 regional banks was created in 1932 by the Federal Home Loan Act of the Congress of the United States of America. The Federal Home Loan Bank System is regulated by the Federal Housing Finance Board. The Finance Board is an independent regulatory agency of the executive branch of the U.S. Government, with a five member board. Four board members are appointed by the President of the United States and the fifth member is the Secretary of the Department of Housing and Urban Development.

The Finance Board ensures the FHLBanks, which are privately capitalized, government- sponsored enterprises, operate in a safe and sound manner, carry out their housing and community development finance mission, and remain adequately capitalized and able to raise funds in the capital markets.

The FHLBank System is authorized by the United States Government to issue debt which:

1. Is subject to approval by the United States Treasury
2. Can be purchased by the United State Treasury
3. Is exempt from state and local income taxes
4. Eligible for investment by national banks and thrifts
5. Eligible for collateral for certain public deposits. This announcement is very good news for AmFirst's insureds. Among the requirements to become a member of the Federal Home Loan Bank are:
   1. the insurance company or bank must be duly organized under the laws of any state or the United States;
   2. the insurance company or bank must be subject to inspection and regulation under the banking laws or similar state or federal laws;
   3. the insurance company or bank must be in a financial condition that such FHLBank advances (loans) may be safely made;
   4. the insurance company or bank must have character of management and a home financing policy consistent with sound and economical home financing.

AmFirst's insureds now have the added protection and confidence that AmFirst Insurance Company has not only met the financial solvency requirements of the Oklahoma Insurance Department, but now has been reviewed and passed the financial solvency requirements of a United States Government sponsored and regulated banking system.