OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has placed under review with negative implications the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Delaware Life Insurance Company of New York (DLNY) (New York, NY).
DLNY is being placed under review with negative implications following its announced sale to Nassau Financial Group, L.P. The negative implications status reflects the lower Credit Ratings (ratings) of Nassau Financial Group compared with DLNY’s current ratings.
The transaction is subject to regulatory approval and other closing conditions. The ratings of DLNY will remain under review with negative implications until the close of the transaction, which is expected to take place in the second half of 2023, and AM Best reviews the post-transaction details. DLNY has approximately $1.8 billion of total assets with $1.0 billion in separate account assets, with 16,000 policy holders in a reserve profile dominated by annuity liabilities.
The ratings of the remaining members of Group 1001 Life & Annuity Group remain unchanged as DLNY represented less than 5% of the group’s total assets and was in run-off.
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