OLDWICK, N.J.--(BUSINESS WIRE)--Please replace the release with the following corrected version due to multiple revisions.
The corrected release reads:
A.M. BEST ASSIGNS CREDIT RATINGS TO GENERATION LIFE INSURANCE COMPANY
A.M. Best has assigned a Financial Strength of A (Excellent) and a Long-Term Issuer Credit Rating of “a+” to Generation Life Insurance Company (GLIC) (Missouri), the ultimate parent of which is Swiss Re Ltd (Swiss Re). The outlook of these Credit Ratings (ratings) is stable.
The rating assignments primarily reflect A.M. Best’s expectation that the Swiss Re group will provide explicit support to GLIC as needed. GLIC was acquired by Swiss Re through the new brand, iptiQ Americas, in third-quarter 2016.
GLIC will benefit from quota share reinsurance protection from the Swiss Re group entities. Additional capital infusions are planned if necessary in the next couple of years to support growth and cover start-up costs. GLIC will be the nationwide licensed carrier of iptiQ Americas. iptiQ Americas became part of Swiss Re Life Capital Ltd as a newly formed unit dedicated to managing primary U.S. life and health business.
A.M. Best expects GLIC to have a conservative investment strategy, with sufficient liquidity to fund potential cash outflows. Additionally, the ratings reflect an expectation that GLIC will have supportive risk-adjusted capitalization. As part of the development of its new business, GLIC will be building its on-boarding capabilities with a large number of distributors, as well as launching a multi-channel application process. Products primarily will include life insurance with a focus on biometric risk products.
This press release relates to Credit Ratings that have been published on A.M. 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 A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings.
A.M. Best is the world’s oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.
Copyright © 2016 by A.M. Best Rating Services, Inc. and/or its subsidiaries. ALL RIGHTS RESERVED.
