Press release content from Business Wire. The AP news staff was not involved in its creation. AM Best Places Credit Ratings of MII Life Insurance, Incorporated Under Review With Negative Implications April 14, 2021 GMT OLDWICK, N.J.--(BUSINESS WIRE)--Apr 14, 2021-- 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+” of MII Life Insurance, Incorporated (MII Life) (Eagan, MN). This Credit Rating (ratings) action follows the recent announcement that HealthEquity, Inc. [NASDAQ: HQY] has entered into an agreement to acquire MII Life for $500 million. The transaction is expected to close in the third quarter of 2021, subject to regulatory and other closing conditions. AM Best will continue to hold discussions with MII Life’s management and monitor it balance sheet strength, operating performance, business profile and enterprise risk management. In addition, MII Life’s current ratings take into consideration the implicit and explicit support from its ultimate parent, Aware Integrated, Inc. The ratings will remain under review until the close of the transaction and a review by AM Best of the post-transaction details.