OLDWICK, N.J.--(BUSINESS WIRE)--A.M. Best has removed from under review with negative implications and affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-” of Mountain Life Insurance Company (Mountain Life) (Alcoa, TN). The outlook assigned to these Credit Ratings (ratings) is negative.
The ratings reflect Mountain Life’s balance sheet strength, which A.M. Best categorizes as strong, as well as its marginal operating performance, limited business profile and appropriate enterprise risk management.
This rating action follows the closing of Mountain Life’s acquisition by Kentucky National Insurance Group (Kentucky National) in early 2018, and A.M. Best’s discussion with the new management team related to the organization’s preliminary business strategy under its new ownership. The revised outlooks to negative reflect the potential for execution risk related to the acquiring parent company, Kentucky National. A.M. Best will continue to monitor Kentucky National’s evolving business plan for Mountain Life through further discussions with the new management team over the near to medium term, and will evaluate the impact of these changes on the ratings profile of Mountain Life.
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. For information on the proper media use of Best’s Credit Ratings and A.M. Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and A.M. Best Rating Action Press Releases.
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