AM Best Removes From Under Review With Positive Implications and Upgrades Issuer Credit Rating of Gerber Life Insurance Company
AM Best has removed from under review with positive implications and upgraded the Long-Term Issuer Credit Rating (Long-Term ICR) to a+ from a of Gerber Life Insurance Company (Gerber Life) (White Plains, NY).
AM Best has removed from under review with positive implications
and upgraded the Long-Term Issuer Credit Rating (Long-Term ICR) to “a+”
from “a” of Gerber Life Insurance Company (Gerber Life) (White Plains,
NY). Additionally, AM Best has affirmed the Financial Strength Rating
(FSR) of A (Excellent) of Gerber Life. The outlook assigned to these
Credit Ratings (ratings) is stable.
The ratings reflect Gerber Life’s balance sheet strength, which AM Best
categorizes as very strong, as well as its adequate operating
performance, neutral business profile and appropriate enterprise risk
management.
The ratings also reflect lift from Gerber Life’s ultimate parent
company, Western & Southern Financial Group, Inc. (WSFG), which acquired
Gerber Life in December 2018. AM Best expects WSFG to provide capital
support when necessary. Additionally, the acquisition includes the
Gerber Life name and logo, as well as the company’s direct-to-consumer
distribution capabilities. The life insurance subsidiaries of WSFG
(collectively known as Western & Southern Financial Group) have an FSR
of A+ (Superior) and Long-Term ICRs of “aa”.
This press release relates to Credit Ratings that have been published
on AM 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 see AM Best’s Recent
Rating Activity web page. For additional information
regarding the use and limitations of Credit Rating opinions, please view Understanding
Best’s Credit Ratings. For information on the proper media
use of Best’s Credit Ratings and AM Best press releases, please view Guide
for Media - Proper Use of Best’s Credit Ratings and AM Best Rating
Action Press Releases.
AM Best is a global rating agency and information provider with a
unique focus on the insurance industry. Visit www.ambest.com
for more information.
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