AM Best improves Standard Life and Casualty Insurance Company credit ratings; Affirms most Manhattan Insurance Group member credit ratings

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OLDWICK, NJ–(BUSINESS WIRE)–
AM Best raised the financial strength rating (FSR) from B+ (good) to B++ (good) and the issuer’s long-term credit rating (long-term ICR) to “bbb” (good) from “bbb-” (good) of Standard and multi-risk life insurance company (Standard life and accidents) (Salt Lake City, UT). In addition, AM Best has revised the outlook for these credit ratings (ratings) from positive to stable.

At the same time, AM Best confirmed the FSR of B++ (good) and the long-term ICRs of “bbb” (good) of Manhattan life insurance and Annuity society (Houston, TX), Manhattan Life Insurance Company (Big Neck, NY), Family life insurance company (Houston, TX) and Western United Life Insurance Company (Spokane, WA). These companies are collectively known as Manhattan Insurance Group (MIG). The outlook for these ratings is stable.

MIG member ratings are extended to Standard Life and Casualty now that they are fully integrated into MIG operations.

MIG’s ratings reflect the strength of its balance sheet, which AM Best assesses as adequate, as well as its strong operating performance, neutral business profile and appropriate ERM. MIG’s rating affirmations are primarily driven by an improving trend in risk-adjusted capitalization over the past few years, coupled with continued favorable operating performance despite the challenges of the COVID-19 pandemic, and its portfolio increasingly diversified annuities, life insurance and accident and health products. In addition, the group has extended its construction activities.

The stable outlook reflects AM Best’s expectation that MIG will maintain an adequate overall balance sheet valuation, while maintaining strong operational performance.

The unknown long-term public health effects of the COVID-19 pandemic and the uncertain macroeconomic environment partially offset these positive rating factors. In addition, MIG has increased investment allocations to NAIC-2 class bond issues in recent years, which has the potential to significantly diminish the quality of its balance sheet if adverse market conditions arise. AM Best will continue to monitor these allocations.

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 relevant disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Assessment Activity Web page. For more information on the use and limitations of credit rating opinions, please see Best Credit Score Guide. For more information on the proper use of Best’s Credit Scores, Best’s Performance Ratings, Best’s Preliminary Credit Ratings, and AM Best’s press releases, please see Guide to Proper Use of Best’s Ratings and Reviews.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Based at United Statesthe company does business in more than 100 countries with regional offices in London, amsterdam, dubai, hong kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2022 by AM Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

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Stratos Laskarids
Senior Financial Analyst

+1 908 439 2200 ext. 5613

[email protected]

Jacqalene Lentz, CPA

Director

+1 908 439 2200 ext. 5762

[email protected]

Christopher Sharkey
Manager, Public Relations

+1 908 439 2200 ext. 5159

[email protected]

Al Slavin
Communications Specialist

+1 908 439 2200 ext. 5098

[email protected]

Source: AM Best

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