Fitch Downgrades Transamerica Life Canada to 'A+'; Withdraws Ratings

CHICAGO--()--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'.

Applicable Criteria

Insurance Rating Methodology (pub. 14 Jul 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=868367

Additional Disclosures

Dodd-Frank Rating Information Disclosure Form

https://www.fitchratings.com/creditdesk/press_releases/content/ridf_frame.cfm?pr_id=989006

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=989006

Endorsement Policy

https://www.fitchratings.com/jsp/creditdesk/PolicyRegulation.faces?context=2&detail=31

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Contacts

Fitch Ratings
Primary Analyst
Tana M. Higman
Director
+1-312-368-3122
Fitch Ratings, Inc.
70 W. Madison Street
Chicago, IL 60602
or
Secondary Analyst
Douglas L. Meyer, CFA
Managing Director
+1-312-368-2061
or
Committee Chairperson
Martha M. Butler, CFA
Senior Director
+1-312-368-3191
or
Media Relations:
Alyssa Castelli, New York, +1 212-908-0540
Email: alyssa.castelli@fitchratings.com

Contacts

Fitch Ratings
Primary Analyst
Tana M. Higman
Director
+1-312-368-3122
Fitch Ratings, Inc.
70 W. Madison Street
Chicago, IL 60602
or
Secondary Analyst
Douglas L. Meyer, CFA
Managing Director
+1-312-368-2061
or
Committee Chairperson
Martha M. Butler, CFA
Senior Director
+1-312-368-3191
or
Media Relations:
Alyssa Castelli, New York, +1 212-908-0540
Email: alyssa.castelli@fitchratings.com