OLDWICK, N.J.--(BUSINESS WIRE)--A.M. Best has removed from under review with developing implications and affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-” of Cincinnati Equitable Life Insurance Company (Cincinnati Equitable) (Cincinnati, OH). The outlook assigned to these Credit Ratings (ratings) is stable.
The ratings reflect Cincinnati Equitable’s balance sheet strength, which A.M. Best categorizes as adequate, as well as its marginal operating performance, neutral business profile and appropriate enterprise risk management.
This rating action precedes the close of the company’s pending acquisition by Global Bankers Insurance Group (Global Bankers), which is expected to close in 2018, and follows A.M. Best’s discussion with the new management team related to the organization’s preliminary business strategy under the new ownership structure. A.M. Best has assessed that the rating profile of the company is unlikely to be directly affected by the acquisition over the near term, should the transaction be consummated, and as a result, has removed the ratings of Cincinnati Equitable from under review. Nevertheless, A.M. Best will continue to monitor Global Bankers’ evolving business plan for Cincinnati Equitable through further discussions with the new management team over the near to medium term, and will evaluate the impact of these changes on the rating profile of Cincinnati Equitable.
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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