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 history of acquisitions that have been integrated into the group including Western United Life Assurance Company in 2013. AM Best expects that Standard Life and Casualty also will be integrated quickly with group operations over the near term, realizing synergies in the process and benefiting from the resources provided by the group.
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.
View source version on businesswire.com:https://www.businesswire.com/news/home/20200925005511/en/
CONTACT: Kevin Varvaro
+1 908 439 2200, ext. 5487
[email protected] Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159
[email protected] Rosendale
+1 908 439 2200, ext. 5201
[email protected] Peavy
Director, Public Relations
+1 908 439 2200, ext. 5644
KEYWORD: NEW JERSEY EUROPE UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: INSURANCE PROFESSIONAL SERVICES
SOURCE: AM Best
Copyright Business Wire 2020.
PUB: 09/25/2020 04:22 PM/DISC: 09/25/2020 04:22 PM