OLDWICK, N.J.--(BUSINESS WIRE)--A.M. Best has removed from under review with positive implications and upgraded the Long-Term Issuer Credit Rating (Long-Term ICR) to “bb+” from “bb” and affirmed the Financial Strength Rating of B (Fair) of Bankers Life Insurance Company (Bankers Life) (Durham, NC). The outlook assigned to these Credit Ratings (ratings) is positive. Bankers Life, through an intermediate holding company structure, is now ultimately owned by Greg E. Lindberg and managed by Global Bankers Insurance Group (GBIG). GBIG is the management company for all insurance operations within the organization, consisting of a diversified group of life and annuity insurance carriers in the United States and abroad.
The Long-Term ICR upgrade reflects Bankers Life’s strong and improved risk-adjusted capitalization along with its adequate balance sheet, as the new parent company has committed to maintaining the company’s capital levels going forward. The rating upgrade also reflects the company’s limited business profile and appropriate enterprise risk management (ERM). Under its previous ownership, the company’s overall capitalization had been a rating issue for Bankers Life. Recent capital contributions have alleviated these rating concerns resulting in the rating upgrade. The positive outlooks reflect A.M. Best’s expectation that risk-adjusted capitalization will continue to improve with profitable growth.
A.M. Best will continue to monitor Bankers Life’s integration related to the company’s business strategy, changes to the asset allocation within the balance sheet, capital management, operating performance and ERM program.
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