Retired four-star General Jack Keane reflected on what he will never forget about the 9/11 terror attacks when he was at the Pentagon on “Fox & Friends.”
— FOX News: Caleb Parke
Author: Michelle Dryden
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has revised the under review status to developing from negative for the Financial Strength Ratings of A- (Excellent) and the Long-Term Issuer Credit Ratings of “a-” of StarStone Specialty Insurance Company (SSIC) and StarStone National Insurance Company (SNIC) (collectively SSUS). Both companies are domiciled in Wilmington, DE.
The revised implications status follows additional information provided regarding SSUS’ business plan moving forward and reinsurance support provided by Enstar Group Limited, the current majority shareholder. These ratings were initially placed under review on June 12, 2020, following the announcement of a re-capitalization plan (see related press release). Going forward, Enstar will maintain a significant, but minority ownership position in the SSUS venture and continue to provide reinsurance support, while new investors will provide a material capital increase. The transaction is still subject to regulatory approvals and is expected to close by year-end 2020. The under review status will be resolved post-close when AM Best has completed its analysis of SNIC and SSIC to evaluate the impact of the planned transaction and change in strategic direction on these companies’ building block assessments.
A stable outlook could be assigned if the transaction closes under the conditions presented to AM Best. Negative rating actions could occur if the transaction is not successful or if there is a material change to the current business plan.
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 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 credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.
Copyright © 2020 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
Contacts
Carlos Wong-Fupuy, FIA, FRM
Senior Director
+1 908 439 2200, ext. 5344
Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com
Steven Chirico
Director
+1 908 439 2200, ext. 5087
steven.chirico@ambest.com
Jim Peavy
Director, Public Relations
+1 908 439 2200, ext. 5644
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has placed under review with positive implications the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a-” of CGB Insurance Company (CGB) (Mt. Vernon, IN).
The Credit Rating (rating) action and positive implications reflect the recent announcement that Sompo International Holdings Ltd. with its members being Superior rated will be acquiring CGB. As part of this transaction, CGB becomes part of a larger, more diversified organization with access to capital markets, expanded geographic footprint, enhanced technology and a more sophisticated enterprise risk management platform. AM Best will monitor this transaction closely and resolve the under review status after the close of the transaction, which is expected to occur in the fourth quarter of 2020.
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 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 credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.
Copyright © 2020 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
Contacts
David Braisted
Financial Analyst
+1 908 439 2200, ext. 5120
Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com
Joseph Burtone
Director
+1 908 439 2200, ext. 5125
joseph.burtone@ambest.com
Jim Peavy
Director, Public Relations
+1 908 439 2200, ext. 5644
james.peavy@ambest.com
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has assigned an indicative Long-Term Issue Credit Rating of “a” to the forthcoming new senior unsecured notes to be issued by Pacific LifeCorp (Wilmington, DE). The outlook assigned to this Credit Rating (rating) is stable. The existing ratings of Pacific LifeCorp and its subsidiaries are unchanged.
Pacific LifeCorp intends to use the proceeds for general corporate purposes, and to strengthen financial flexibility. AM Best notes that proforma financial leverage and interest coverage metrics are expected to remain at appropriate levels.
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 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 credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.
Copyright © 2020 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
Contacts
Louis Silvers
Senior Financial Analyst
+1 908 439 2200, ext. 5802
louis.silvers@ambest.com
Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com
Michael Porcelli
Director
+1 908 439 2200, ext. 5548
michael.porcelli@ambest.com
Jim Peavy
Director, Public Relations
+1 908 439 2200, ext. 5644
james.peavy@ambest.com
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a+” of The Ohio National Life Insurance Company and its wholly owned subsidiary, Ohio National Life Assurance Corporation (together referred to as the Ohio National Life Group). These companies are the principal insurance subsidiaries of Ohio National Financial Services, Inc. (ONFS), which is an intermediate holding company wholly owned by Ohio National Mutual Holdings, Inc. Concurrently, AM Best has affirmed the FSR of A- (Excellent) and the Long-Term ICR of “a-” of National Security Life and Annuity Company (NSLAC). Additionally, AM Best has affirmed the Long-Term ICR of “bbb+” and all existing Long-Term Issue Credit Ratings (Long-Term IR) of ONFS. The outlook of these Credit Ratings (ratings) is stable. All companies are headquartered in Cincinnati, OH. (See below for a detailed listing of the Long-Term IRs).
The ratings of Ohio National Life Group reflect its balance sheet strength, which AM Best categorizes as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management (ERM).
The group’s balance sheet strength assessment is based on its risk-adjusted capitalization being at the very strong level, as measured by Best’s Capital Adequacy Ratio (BCAR), while maintaining strong liquidity. AM Best notes that the group’s risk-adjusted capitalization has been enhanced by the issuance of surplus notes, and the use of captive structures to support redundant statutory reserves and to reduce volatility from its annuity living benefit riders. AM Best considers the group’s consolidated financial leverage and interest coverage ratios to be within acceptable ranges. The assessment of the group’s operating performance considers its long-term positive trend in individual life insurance sales prior to the current disruptions driven by the COVID-19 pandemic, and its stable adjusted GAAP operating results, while the assessment of the group’s ERM recognizes its strong risk management framework, including front-end risk management practices and sound governance structure.
The ratings of NSLAC reflect its balance sheet strength, which AM Best categorizes as very strong, as well as its adequate operating performance, very limited business profile and appropriate ERM. The ratings also reflect the support of the company’s parent. The company’s balance sheet strength assessment is based on the strongest level of risk-adjusted capitalization, as measured by BCAR, and a high quality investment portfolio. NSLAC was the exclusive distributor of annuities for the group in New York, but is not writing new business currently.
The following Long-Term IRs have been affirmed with a stable outlook:
Ohio National Financial Services, Inc.—
— “bbb+” on $425 million 5.55% senior unsecured notes, due January 2030
— “bbb+” on $250 million 6.625% senior unsecured notes, due May 2031
The Ohio National Life Insurance Company—
— “a-” on $50 million 8.50% surplus notes, due May 2026
— “a-” on $250 million 6.875% surplus notes, due June 2042
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 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 credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.
Copyright © 2020 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
Contacts
Christopher Lewis
Financial Analyst
+1 908 439 2200, ext. 5065
christopher.lewis@ambest.com
Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com
Thomas Rosendale
Senior Director
+1 908 439 2200, ext. 5201
thomas.rosendale@ambest.com
Jim Peavy
Director, Public Relations
+1 908 439 2200, ext. 5644
james.peavy@ambest.com
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