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AM Best Affirms Credit Ratings of Symetra Financial Corporation and Its Subsidiaries
February 19, 2021 GMT
OLDWICK, N.J. (BUSINESS WIRE) Feb 19, 2021
AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a+” of Symetra Life Insurance Company and its subsidiary, First Symetra National Life Insurance Company of New York (New York, NY), together referred to as Symetra Life Group. Concurrently, AM Best has affirmed the Long-Term ICR of “bbb+” and the Long-Term Issue Credit Rating (Long-Term IR) of Symetra Financial Corporation (Symetra). The outlook of these Credit Ratings (ratings) is stable. All companies are headquartered in Bellevue, WA, unless otherwise specified.
OLDWICK - FEBRUARY 16, 2021 06:05 PM (EST)
AM Best has commented that the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of aa for members of The Progressive Corporation (Progressive) (Mayfield Village, OH), along with the Long-Term ICR of a for Progressive, the parent holding company, and all Long-Term Issue Credit Ratings (Long-Term IR) on Progressive s senior and preferred stock issuances remain unchanged following the company s Feb. 16, 2021, announcement that it has entered into a definitive agreement to acquire Protective Insurance Corporation (Protective), with a total transaction value of approximately $338 million. The acquisition includes all outstanding Class A and Class B common shares of Protective and is expected to close prior to the end of the third quarter of 2021. The outlook of these Credit Ratings (ratings) is stable.
Press release content from Business Wire. The AP news staff was not involved in its creation.
AM Best Downgrades Issuer Credit Ratings of Members of Allstate Life Group; Comments on The Allstate Corporation and Other Subsidiaries
January 29, 2021 GMT
OLDWICK, N.J. (BUSINESS WIRE) Jan 29, 2021
AM Best has downgraded the Long-Term Issuer Credit Ratings (Long-Term ICR) to “aa-” from “aa” and affirmed the Financial Strength Rating (FSR) of A+ (Superior) of Allstate Life Insurance Company and Allstate Assurance Company. In addition, AM Best has placed these Credit Ratings (ratings) under review with negative implications that could result in further negative rating actions. These companies are known collectively as Allstate Life Group (Allstate Life) and domiciled in Northbrook, IL. Concurrently, AM Best has downgraded the FSR to A (Excellent) from A+ (Superior) and the Long-Term ICR to “a+” from “aa” of Allstate Life Insurance Company of New York (Allstate Life NY) (
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AM Best has commented that the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a” of Jackson National Life Insurance Company (JNL), its wholly owned subsidiary, Jackson National Life Insurance Company of New York, and its direct parent, Brooke Life Insurance Company (collectively referred to as the Jackson National Group [JNG]) remain unchanged following the recently announced plan for JNG to be separated from its Prudential plc (Prudential) parent via a second-quarter 2021 demerger. All companies are headquartered in Lansing, MI.
On Jan. 28, 2021, Prudential announced that it would pursue the separation of Jackson Financial, Inc. (Jackson), JNG’s U.S. holding company, from the group in the second quarter of 2021 through a demerger, whereby shares in Jackson would be distributed to Prudential shareholders. The demerger, which is subject to share
AM Best Upgrades Credit Ratings of Kemper P/C Group and Its Subsidiaries January 29, 2021
AM Best has upgraded the Financial Strength Rating (FSR) to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) to “a” from “a-” of the property/casualty subsidiaries and affiliated insurance companies of Kemper Corp., collectively referred to as Kemper Property & Casualty Group.
Kemper P&C’s ratings reflect its balance sheet strength, which AM Best categorizes strongest, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management (ERM).
The rating upgrades reflect that Kemper P&C has consistently maintained risk-adjusted capitalization measuring at the strongest level in recent years, even while paying significant shareholder dividends. In addition, the group’s loss reserves have generally developed favorably over time.