OLDWICK, N.J. — (BUSINESS WIRE) — AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” (Excellent) to IdeaLife Insurance Company (IdeaLife) (Stamford, CT). The outlook assigned to these Credit Ratings (ratings) is stable.
The ratings reflect IdeaLife’s balance sheet strength, which AM Best assesses as very strong, as well as its marginal operating performance, limited business profile and appropriate enterprise risk management. The ratings also reflect the level of support provided to the company by General Re Life Corporation (GRL).
IdeaLife has reinsured only one significant block of ordinary life new business over the past several years. The company’s initial activities were confined primarily to the reinsurance of ordinary term and graded premium whole life insurance of which a portion was ceded subsequently to GRL. While IdeaLife receives the financial support of its parent through reinsurance agreements, the company’s existing life, annuity and Medicare supplement books of business are in run-off. GRL continues to provide support to IdeaLife in order for the entity to be available for opportunities for new production or accept potential future blocks of life or health business if needed. Given internal plans for IdeaLife shared by company management with AM Best analysts, IdeaLife is considered a strategically important subsidiary of GRL and hence receives rating enhancement.
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 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.
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