AM Best Maintains Under Review With Developing Implications Status for Garden State Life Insurance Company

OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has maintained the under review with developing implications status for the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of Garden State Life Insurance Company (GSL) (Galveston, TX).

The Credit Ratings (ratings) reflect GSL’s balance sheet strength, which AM Best assesses as strongest, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.

GSL is in the process of being repurposed into an entity that writes annuity products on a regional basis. This will complement the distribution of products currently written by Brookfield Wealth Solutions Ltd. It is currently awaiting regulatory approval on its product filings and plans to begin developing new business shortly after.

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.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

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