OLDWICK, N.J.--(BUSINESS WIRE)--A.M. Best has removed from under review with positive implications and affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” of Canadian Premier Life Insurance Company (Canadian Premier) (Toronto, ON). The outlook assigned to these Credit Ratings (ratings) is stable.
These rating actions follow the completed acquisition of Canadian Premier by Securian Financial Group, Inc. (Securian) from ivari. The ratings reflect Canadian Premier ’s position as the new Canadian operating segment of Securian, providing group creditor life and accident and sickness insurance products on a direct marketing basis. The acquisition also will leverage Securian’s loan-protection product expertise and provide expansion into a new geographic market. Risk-adjusted capitalization remains adequate to support its risk-profile, although capital growth historically has been constrained by dividends to its prior parent organization. Canadian Premier has reported stable earnings and favorable direct premium trends in recent years; however, net premiums written has declined modestly due to reinsurance utilization. A.M. Best expects the business to remain in Canada as an independently operated affiliate of Securian.
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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