NEW YORK (Standard & Poor's CreditWire) March 22, 2001--Standard & Poor's today affirmed its triple-'Bpi' financial strength rating on William Penn Life Insurance Co. of NY (William Penn). The rating reflects the financial strength rating constraints of its immediate parent, Banner Life Insurance Co. (Banner Life). William Penn (NAIC: 66230) is licensed in six states and operates principally in New York. Its major line of business is ordinary life insurance, and policies are sold through independent agents. The company commenced operations in 1963 and was acquired by Legal & General Group PLC (double-'A' counterparty credit rating) as a wholly owned subsidiary of Banner Life in 1989. Legal & General Group PLC is a major financial services provider that focuses on
