Some Insurers Wary of Treasury Bailout; Ameriprise Declines Funds
Ameriprise Financial, one of six life insurers offered federal bailout funds Thursday, said yesterday that it is turning down the money.
“While we appreciate Treasury’s approval of our application, we have elected not to accept funding,” Jim Cracchiolo, chairman and chief executive, said in a statement. “We have carefully evaluated our current position and expectations for the future, and we are confident that our current capital position and access to potential additional funding sources are more than adequate.”
Prudential, which also was granted preliminary approval for taxpayer capital, signaled that it hasn’t decided whether to accept the aid. The company said it is “evaluating all options.” The company is likely to decline the aid, according to sources familiar with the matter, who spoke on condition of anonymity because they were not authorized to discuss it publicly.
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