OLDWICK, N.J., January 12, 2022–(BUSINESS WIRE)–AM Greatest has upgraded the Monetary Power Ranking (FSR) to B++ (Good) from B+ (Good) and the Lengthy-Time period Issuer Credit score Ranking (Lengthy-Time period ICR) to “bbb” (Good) from “bbb-” (Good) of Manhattan Life Assurance Firm of America (Little Rock, AR), The Manhattan Life Insurance coverage Firm (Nice Neck, NY), Household Life Insurance coverage Firm (Houston, TX) and Western United Life Assurance Firm (Spokane, WA). These corporations collectively are often known as the Manhattan Insurance coverage Group (MIG). The outlook of those Credit score Rankings (scores) has been revised to steady from constructive.
Concurrently, AM Greatest has upgraded the FSR to B+ (Good) from B (Truthful) and the Lengthy-Time period ICR to “bbb-” (Good) from “bb+” (Truthful) of Customary Life and Casualty Insurance coverage Firm (Customary Life and Casualty) (Salt Lake Metropolis, UT). The outlook of those scores is constructive.
MIG’s scores replicate its steadiness sheet energy, which AM Greatest assesses as satisfactory, in addition to its robust working efficiency, impartial enterprise profile and acceptable enterprise danger administration. The score upgrades are pushed primarily by a pattern of bettering risk-adjusted capitalization over the earlier a number of years, coupled with persevering with favorable working efficiency regardless of the challenges of the COVID-19-fueled setting. AM Greatest expects MIG to proceed its pattern of bettering risk-adjusted capitalization over the close to time period.
Customary Life and Casualty’s scores replicate its steadiness sheet energy, which AM Greatest assesses as satisfactory, in addition to its marginal working efficiency, restricted enterprise profile and marginal enterprise danger administration. The scores additionally profit from their relationship to MIG. The upgrading of Customary Life and Casualty’s scores is pushed primarily by an enchancment in risk-adjusted capitalization post-acquisition by MIG, resulting from a capital contribution and de-risking of the invested asset portfolio. The constructive outlooks are as a result of potential for additional score enhancement as the corporate turns into additional built-in into MIG’s operations.
Partially offsetting these constructive score elements is the persevering with international pandemic and the unknown long-term results on public well being and the macroeconomic setting. Moreover, MIG and Customary Life and Casualty have elevated funding allocations to NAIC-2 class bond issuances over the past a number of years, which has the potential to considerably lower the standard of their steadiness sheets if unfavorable market circumstances come up. AM Greatest will proceed to observe these allocations.
This press launch pertains to Credit score Rankings which were printed on AM Greatest’s web site. For all score data referring to the discharge and pertinent disclosures, together with particulars of the workplace answerable for issuing every of the person scores referenced on this launch, please see AM Greatest’s Current Ranking Exercise internet web page. For added data relating to the use and limitations of Credit score Ranking opinions, please view Information to Greatest’s Credit score Rankings. For data on the correct use of Greatest’s Credit score Rankings, Greatest’s Preliminary Credit score Assessments and AM Greatest press releases, please view Information to Correct Use of Greatest’s Rankings & Assessments.
AM Greatest is a world credit standing company, information writer and knowledge analytics supplier specializing within the insurance coverage business. Headquartered in the US, the corporate does enterprise in over 100 nations with regional workplaces in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico Metropolis. For extra data, go to www.ambest.com.
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