OLDWICK, N.J.–(BUSINESS WIRE)–Sep 25, 2020–
AM Best has removed from under review with positive implications and upgraded the Long-Term Issuer Credit Rating (Long-Term ICR) to “bb+” from “bb” and affirmed the Financial Strength Rating of B (Fair) of Standard Life and Casualty Insurance Company (Standard Life and Casualty) (Salt Lake City, UT). The outlook assigned to these Credit Ratings (ratings) is stable.
The ratings reflect Standard Life and Casualty’s balance sheet strength, which AM Best categorizes as adequate, as well as its marginal operating performance, limited business profile and marginal enterprise risk management. The ratings also reflect the implicit support of Standard Life and Casualty by its acquirer, Western United Life Assurance Company, a member of the Manhattan Insurance Group.
The upgrade of Standard Life and Casualty’s Long-Term ICR is a reflection of the implicit support provided by its new parent. Manhattan Insurance Group has maintained a long and successful