A.M. Best Comments on Credit Ratings of Wilton Reassurance Company and Its Subsidiaries Following Announced Transaction

OLDWICK, N.J.--()--A.M. Best has commented that the Credit Ratings of Wilton Reassurance Company (Wilton Re) (Minneapolis, MN) and its insurance subsidiaries remain unchanged following the Aug. 1, 2018, announcement that Wilton Re has reached a definitive agreement to reinsure a $2.7 billion block of long-term care (LTC) insurance policies issued by Bankers Life and Casualty Company (Bankers Life) (Chicago, IL). The outlooks of these Credit Ratings (ratings) remain stable.

Under the terms of the agreement, Wilton will assume 100% of the LTC claims for the block reinsured from Bankers Life. This is Wilton Re’s first LTC transaction. While the impact to Wilton Re’s balance sheet is material given the size of the acquired blocks, A.M. Best notes that pro-forma risk-adjusted capitalization will remain supportive of Wilton Re’s current ratings. The transaction is expected to close in the third quarter of 2018, pending regulatory approval and other customary closing conditions.

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.

A.M. Best is a global rating agency and information provider with a unique focus on the insurance industry. Visit www.ambest.com for more information.

Copyright © 2018 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

A.M. Best
Louis Silvers, +1 908 439 2200, ext. 5802
Senior Financial Analyst
louis.silvers@ambest.com
or
Edward Kohlberg, +1 908 439 2200, ext. 5664
Associate Director
edward.kohlberg@ambest.com
or
Christopher Sharkey, +1 908 439 2200, ext. 5159
Manager, Public Relations
christopher.sharkey@ambest.com
or
Jim Peavy, +1 908 439 2200, ext. 5644
Director, Public Relations
james.peavy@ambest.com

Contacts

A.M. Best
Louis Silvers, +1 908 439 2200, ext. 5802
Senior Financial Analyst
louis.silvers@ambest.com
or
Edward Kohlberg, +1 908 439 2200, ext. 5664
Associate Director
edward.kohlberg@ambest.com
or
Christopher Sharkey, +1 908 439 2200, ext. 5159
Manager, Public Relations
christopher.sharkey@ambest.com
or
Jim Peavy, +1 908 439 2200, ext. 5644
Director, Public Relations
james.peavy@ambest.com