OLDWICK, N.J.--(BUSINESS WIRE)--A.M. Best has upgraded the financial strength rating (FSR) to A (Excellent) from A- (Excellent) and the issuer credit rating (ICR) to “a” from “a-” of Transamerica Life Canada (TLC) (Toronto, Ontario, Canada). A.M. Best has also affirmed the FSR of A (Excellent) and the ICR of “a” of Canadian Premier Life Insurance Company (CPL) (Toronto, Ontario, Canada). All ratings have been removed from under review with developing implications and assigned a stable outlook.
The ratings reflect the completed acquisition of TLC and CPL by Wilton Re Ltd (Nova Scotia, Canada) from Aegon N.V. for CAD 600 million. The transaction was partially funded through cash contributions by Wilton Re Ltd’s ultimate parent, the Canada Pension Plan Investment Board. The upgrade reflects the expectation that TLC will benefit from the support of the new parent as uncertainty around its future ownership has been resolved. A.M. Best expects TLC and CPL to continue their current strategy of marketing protection products to the Canadian middle market with the support of its new parent company on an as-needed basis. All remaining ratings of Wilton Re Ltd and its subsidiaries are unchanged. (Please see A.M. Best’s press release dated April 24, 2015.)
This press release relates to rating(s) 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 visit A.M. Best’s Ratings & Criteria Center.
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