OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has removed from under review with positive implications and upgraded the Long-Term Issuer Credit Rating (Long-Term ICR) to “a+” from “a” of Gerber Life Insurance Company (Gerber Life) (White Plains, NY). Additionally, AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) of Gerber Life. The outlook assigned to these Credit Ratings (ratings) is stable.
The ratings reflect Gerber Life’s balance sheet strength, which AM Best categorizes as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.
The ratings also reflect lift from Gerber Life’s ultimate parent company, Western & Southern Financial Group, Inc. (WSFG), which acquired Gerber Life in December 2018. AM Best expects WSFG to provide capital support when necessary. Additionally, the acquisition includes the Gerber Life name and logo, as well as the company’s direct-to-consumer distribution capabilities. The life insurance subsidiaries of WSFG (collectively known as Western & Southern Financial Group) have an FSR of A+ (Superior) and Long-Term ICRs of “aa”.
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