OLDWICK, N.J.--(BUSINESS WIRE)--A.M. Best has placed under review with developing implications the Financial Strength Rating (FSR) of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-” of Cincinnati Equitable Life Insurance Company (Cincinnati Equitable) (Cincinnati, OH). This rating action follows Global Bankers Insurance Group’s (Global Bankers) announcement that one of its affiliates has entered into a definitive agreement to acquire Cincinnati Equitable Companies, Inc., the Ohio-domiciled holding company of Cincinnati Equitable and Cincinnati Equitable Insurance Company.
Global Bankers is the insurance and reinsurance group of Eli Global, LLC. The transaction brings Cincinnati Equitable, a provider of whole life insurance and pre-need planning services, into Global Bankers’ portfolio of insurance companies. The transaction is expected to close later this year, subject to receipt of regulatory approval and satisfaction of other customary closing conditions.
A.M. Best will continue to monitor the progress of the transaction and ongoing performance of Cincinnati Equitable, and its ratings will remain under review until the close of the transaction and the conclusion of A.M. Best’s discussions with the companies’ management team concerning the company’s strategic and capital plans going forward.
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.
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