Credit rating

AM Best Assigns Preliminary Credit Assessment to Federal Life Insurance Company

Retrieved on: 
Thursday, December 14, 2023

AM Best has assigned a Preliminary Credit Assessment (PCA) to Federal Life Insurance Company (Fed Life) (Riverwoods, IL) with a Financial Strength Assessment of A- pca (Excellent) and a Long-Term Issuer Credit Assessment of “a-” pca (Excellent).

Key Points: 
  • AM Best has assigned a Preliminary Credit Assessment (PCA) to Federal Life Insurance Company (Fed Life) (Riverwoods, IL) with a Financial Strength Assessment of A- pca (Excellent) and a Long-Term Issuer Credit Assessment of “a-” pca (Excellent).
  • Financial flexibility is viewed as positive as the company has access to additional capital at the holding company level (Federal Life Group, Inc.), and from its ultimate parent organization, Insurance Capital Group, LLC (ICG).
  • The adequate operating performance assessment and the neutral business profile assessment are based on Fed Life’s business plans presented to AM Best.
  • For additional information regarding the use and limitations of Credit Rating and Assessment opinions, please view Guide to Best’s Credit Ratings .

AM Best Assigns Issue Credit Rating to Ameriprise Financial, Inc.’s New Senior Unsecured Notes

Retrieved on: 
Thursday, November 9, 2023

AM Best has assigned a Long-Term Issue Credit Rating of “a-” (Excellent) to the recently announced $600 million, 5.7% 5-year senior unsecured notes, due Dec. 15, 2028, issued by Ameriprise Financial, Inc. (Ameriprise Financial) (headquartered in Minneapolis, MN) [NYSE: AMP].

Key Points: 
  • AM Best has assigned a Long-Term Issue Credit Rating of “a-” (Excellent) to the recently announced $600 million, 5.7% 5-year senior unsecured notes, due Dec. 15, 2028, issued by Ameriprise Financial, Inc. (Ameriprise Financial) (headquartered in Minneapolis, MN) [NYSE: AMP].
  • AM Best notes that Ameriprise Financial’s projected adjusted financial leverage with the new issue will increase temporarily but will remain well within AM Best guidelines for its aforementioned rating.
  • Upon maturity of the 2024 senior unsecured notes, AM Best expects the leverage measures to decline.
  • For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings .

AM Best Places Credit Ratings of Electric Insurance Company Under Review With Negative Implications

Retrieved on: 
Friday, October 27, 2023

AM Best has placed under review with negative implications the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a+” (Excellent) of Electric Insurance Company (EIC) (Beverly, MA).

Key Points: 
  • AM Best has placed under review with negative implications the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a+” (Excellent) of Electric Insurance Company (EIC) (Beverly, MA).
  • The ratings will remain under review with negative implications while AM Best will remain in communication with EIC’s management and monitor the effects of the transaction as they evolve.
  • For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings .
  • For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments .

AM Best Places Credit Ratings of Universal North America Insurance Company Under Review With Negative Implications

Retrieved on: 
Wednesday, October 11, 2023

AM Best has placed under review with negative implications the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-” (Good) of Universal North America Insurance Company (UNAIC) (Arlington, TX).

Key Points: 
  • AM Best has placed under review with negative implications the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-” (Good) of Universal North America Insurance Company (UNAIC) (Arlington, TX).
  • The negative implications take into consideration the uncertainty surrounding the balance sheet strength and operating performance assessments.
  • For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings .
  • For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments .

AM Best Places Credit Ratings Under Review With Various Implications for National Western Life Group, Inc. and Its Subsidiaries

Retrieved on: 
Wednesday, October 11, 2023

Concurrently, AM Best has placed under review with developing implications the FSR of A- (Excellent) and the Long-Term ICR of “a-” (Excellent) of Ozark National Life Insurance Company (Ozark) (Kansas City, MO).

Key Points: 
  • Concurrently, AM Best has placed under review with developing implications the FSR of A- (Excellent) and the Long-Term ICR of “a-” (Excellent) of Ozark National Life Insurance Company (Ozark) (Kansas City, MO).
  • In addition, AM Best has placed under review with negative implications the Long-Term ICR of “bbb” (Good) of National Western Life Group, Inc. (National Western) (headquartered in Austin, TX) [NASDAQ: NWLI], the parent holding company of NWLIC and Ozark.
  • For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings .
  • AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry.

AM Best Assigns Preliminary Credit Assessment to Olé Insurance Group Corp I.I.

Retrieved on: 
Wednesday, September 27, 2023

AM Best has assigned a Preliminary Credit Assessment (PCA) to Olé Insurance Group Corp I.I.

Key Points: 
  • AM Best has assigned a Preliminary Credit Assessment (PCA) to Olé Insurance Group Corp I.I.
  • (Olé Insurance) (San Juan, Puerto Rico) with a Financial Strength Assessment of B++ pca (Good) and a Long-Term Issuer Credit Assessment of “bbb” pca (Good).
  • Olé Insurance specializes in term life insurance, beginning operations in 2019 as Amedex Assurance Corp I.I.
  • For additional information regarding the use and limitations of Credit Rating and Assessment opinions, please view Guide to Best’s Credit Ratings .

AM Best Assigns Issue Credit Rating to Intact Financial Corporation’s Senior Unsecured Medium-Term Notes

Retrieved on: 
Tuesday, September 26, 2023

AM Best has assigned a Long-Term Issue Credit Rating of “a-” (Excellent) to the recently issued CAD 400 million, 5.276% senior unsecured medium-term notes, due 2054, issued by Intact Financial Corporation (IFC) (Toronto, Ontario, Canada).

Key Points: 
  • AM Best has assigned a Long-Term Issue Credit Rating of “a-” (Excellent) to the recently issued CAD 400 million, 5.276% senior unsecured medium-term notes, due 2054, issued by Intact Financial Corporation (IFC) (Toronto, Ontario, Canada).
  • The Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Rating of “aa-” (Superior) of IFC’s operating subsidiaries and all other ratings of its outstanding issuances remain unchanged.
  • For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings .
  • AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry.

AM Best to Exhibit, Host Reception at 2023 FIDES Conference in Rio de Janeiro

Retrieved on: 
Wednesday, September 20, 2023

AM Best will exhibit and host a networking reception at the 38th Hemispheric Insurance Conference of the Inter-American Federation of Insurance Companies (FIDES), which will take place Sept. 24-26, 2023, in Rio de Janeiro.

Key Points: 
  • AM Best will exhibit and host a networking reception at the 38th Hemispheric Insurance Conference of the Inter-American Federation of Insurance Companies (FIDES), which will take place Sept. 24-26, 2023, in Rio de Janeiro.
  • 29 on the EXPOFIDES floor to receive information about AM Best, its role in the insurance industry and the resources it offers to insurance professionals, including Best’s Credit Ratings.
  • AM Best will host a networking reception on Monday, Sept. 25, from 5:30 p.m.-7 p.m. BRT in the Imperial Room of the Windsor Convention Center - Barra Wing.
  • AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry.

AM Best Assigns Issue Credit Rating to Weston2038 LLC Series Hannover, No.2 Variable Funding Credit-Linked Note

Retrieved on: 
Thursday, August 31, 2023

AM Best has assigned a Long-Term Issue Credit Rating (Long-Term IR) of “a” (Excellent) to the $433 million, 6.00% Series Hannover, No.

Key Points: 
  • AM Best has assigned a Long-Term Issue Credit Rating (Long-Term IR) of “a” (Excellent) to the $433 million, 6.00% Series Hannover, No.
  • 2 variable funding credit-linked note (note), due July 1, 2043, issued by Weston2038 LLC (Weston2038), a Delaware limited liability company (issuer).
  • For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings .
  • AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry.

AM Best Affirms Credit Ratings of Massachusetts Mutual Life Insurance Company and Most of Its Subsidiaries

Retrieved on: 
Friday, August 25, 2023

AM Best has affirmed the Financial Strength Rating (FSR) of A++ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa+” (Superior) of Massachusetts Mutual Life Insurance Company (MassMutual) (domiciled in Springfield, MA) and its life/health subsidiaries, C.M.

Key Points: 
  • AM Best has affirmed the Financial Strength Rating (FSR) of A++ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa+” (Superior) of Massachusetts Mutual Life Insurance Company (MassMutual) (domiciled in Springfield, MA) and its life/health subsidiaries, C.M.
  • Life Insurance Company and MML Bay State Life Insurance Company (both domiciled in Enfield, CT).
  • Additionally, AM Best has upgraded the FSR to A++ (Superior) from A+ (Superior) and the Long-Term ICR to “aa+” (Superior) from “aa-” (Superior) of MassMutual Ascend Life Insurance Company (MassMutual Ascend) and Annuity Investors Life Insurance Company (ALIC) (collectively referred to as MassMutual Ascend Life Group).
  • Furthermore, AM Best has affirmed the FSR of B++ (Good) and the Long-Term ICR of “bbb+” (Good) of Manhattan National Life Insurance Company (Manhattan Life).