CHICAGO--(BUSINESS WIRE)--Fitch Ratings downgraded the Insurer Financial Strength (IFS) rating of Transamerica Life Canada to 'A+' from 'AA-' and simultaneously withdrew the rating.
The rating action follows the July 31, 2015 announcement that Wilton Re Ltd. (Wilton Re) completed the acquisition of 100% of the common stock of Aegon Canada ULC (Aegon Canada), a wholly owned subsidiary of Aegon N.V.
Fitch is withdrawing the ratings for commercial reasons.
KEY RATING DRIVERS
Fitch views this transaction as in line with Wilton Re's strategy to acquire blocks of life insurance risks through acquisitions. As such, Fitch views Transamerica Life Canada as Core to Wilton Re and has downgraded the IFS rating on Transamerica Life to a level equivalent to the ratings on Wilton Re's other insurance subsidiaries.
Additional information is available at 'www.fitchratings.com'.
Insurance Rating Methodology (pub. 14 Jul 2015)
Dodd-Frank Rating Information Disclosure Form