AM Best Affirms Credit Ratings of Guaranty Income Life Insurance Company, United Life Insurance Company, Kuvare Life Re Ltd. and Lincoln Benefit Life Company

OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has affirmed the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a-” (Excellent) of Guaranty Income Life Insurance Company (headquartered in Baton Rouge, LA) and United Life Insurance Company (Cedar Rapids, IA), collectively, referred to as Kuvare Retail Group. In addition, AM Best has affirmed the FSR of A- (Excellent) and the Long-Term ICR of “a-” (Excellent) of Kuvare Life Re Ltd. (Kuvare Life Re) (Bermuda). The outlook of these Credit Ratings (ratings) is stable.

Lastly, AM Best has affirmed the FSR of B++ (Good) and the Long-Term ICR of “bbb” (Good) of Lincoln Benefit Life Company (LBL) (headquartered in Rosemont, IL). The outlook of these ratings has been revised to stable from negative.

The ratings reflect Kuvare Retail Group’s balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management (ERM).

The ratings of Kuvare Retail Group recognize its solid operating improvements over the last several years, including premium growth in its key annuity products and stable operating profile with strong operating returns. AM Best also notes the recent key initiatives that have improved capitalization and leverage. Going forward, AM Best expects the organization to have a measured approach to growth within future risk-based capital limits.

The ratings of LBL reflect its balance sheet strength, which AM Best assesses as adequate, as well as its adequate operating performance, limited business profile and appropriate ERM.

LBL’s ratings recognize the continued capital support required for its captive reinsurer, Lancaster Re Captive Insurance Company, and the resulting impact that it has had on LBL’s capital flexibility. There has been a history of deterioration in the company’s capital trends due to underperformance in the runoff of its universal life with secondary guarantees business. Mitigating factors include actions the company has been taking to manage the impacts of the legacy block of business on financial results going forward.

The ratings of Kuvare Life Re reflect its balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate ERM.

This press release relates to Credit Ratings that have been published on AM 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 AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

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