Press release content from Business Wire. The AP news staff was not involved in its creation.
AM Best Downgrades Credit Ratings of Mutual of America Life Insurance Company; Issuer Credit Rating Outlook Remains Negative
January 27, 2021 GMT
OLDWICK, N.J. (BUSINESS WIRE) Jan 27, 2021
AM Best has downgraded the Financial Strength Rating (FSR) to A (Excellent) from A+ (Superior) and the Long-Term Issuer Credit Rating (Long-Term ICR) to “a+” from “aa-” of Mutual of America Life Insurance Company (MofA) (New York, NY). The outlook of the FSR has been revised to stable from negative, while the outlook of the Long-Term ICR remains negative.
Ratings of Ohio’s Wayne Mutual Insurance Upgraded January 26, 2021
The outlook of these ratings has been revised to stable from positive.
Wayne Mutual Insurance Co. is part of the Wayne Insurance Group, which also offers insurance through Washington Mutual Insurance Association. The group provides home, farm, automobile and business owners insurance throughout Ohio via a network of more than 140 independent insurance agents.
The ratings reflect Wayne Mutual’s balance sheet strength, which AM Best categorizes as very strong, strong operating performance, limited business profile and appropriate enterprise risk management.
The rating upgrades reflect Wayne’s very strong balance sheet strength supported by risk-adjusted capitalization at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR), and consistently profitable operating performance over the most recent five-year period.
Press release content from Business Wire. The AP news staff was not involved in its creation.
AM Best Removes From Under Review With Positive Implications and Upgrades Credit Ratings of Nationwide Indemnity Company
January 22, 2021 GMT
OLDWICK, N.J. (BUSINESS WIRE) Jan 22, 2021
AM Best has removed from under review with positive implications and upgraded the Financial Strength Rating to A+ (Superior) and the Long-Term Issuer Credit Rating (Long-Term ICR) to “aa-” of Nationwide Indemnity Company (Nationwide Indemnity) (Columbus, OH). The outlook assigned to these Credit Ratings (ratings) is stable. With this action, Nationwide Indemnity is a new member of the Nationwide Group.
Press release content from Business Wire. The AP news staff was not involved in its creation.
AM Best Maintains Under Review With Negative Implications Status for Credit Ratings of Lifetime Income Limited
January 22, 2021 GMT
SINGAPORE (BUSINESS WIRE) Jan 22, 2021
AM Best has maintained the under review with negative implications status for the Financial Strength Rating of B (Fair) and the Long-Term Issuer Credit Rating of “bb” of Lifetime Income Limited (LIL) (New Zealand).
These Credit Ratings (ratings) were placed under review with negative implications on 5 November 2020, following regulatory licence conditions imposed on the company by the Reserve Bank of New Zealand (RBNZ), which require LIL to hold additional capital margins in excess of existing regulatory minimums. These licence conditions followed volatility in the company’s regulatory solvency position, with breaches of the minimum solvency margin identified in fiscal-year 2020. Subsequently, LIL’s parent gro
Press release content from Business Wire. The AP news staff was not involved in its creation.
AM Best Affirms Credit Ratings of Fidelity Life Assurance Company Limited
January 21, 2021 GMT
SINGAPORE (BUSINESS WIRE) Jan 21, 2021
AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of Fidelity Life Assurance Company Limited (Fidelity Life) (New Zealand). The outlook of these Credit Ratings (ratings) is stable.
The ratings reflect Fidelity Life’s balance sheet strength, which AM Best categorises as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.