AM Best Affirms Credit Ratings of Assurant, Inc. and Its Property/Casualty and Life/Health Subsidiaries

OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa-” (Superior) of the U.S. property/casualty (P/C) subsidiaries of Assurant, Inc. (Assurant) (headquartered in Atlanta, GA) [NYSE: AIZ]. These companies are collectively referred to as Assurant P&C Group (Assurant P&C). At the same time, AM Best has affirmed the Long-Term ICR of “a-” (Excellent), all associated Long-Term Issue Credit Ratings (Long-Term IR), indicative Long-Term IRs and the Short-Term IR of Assurant. Concurrently, AM Best has affirmed the FSR of A (Excellent) and the Long-Term ICRs of “a” (Excellent) of Assurant’s credit and life/health subsidiaries: American Bankers Life Assurance Company of Florida (Miami, FL) and Caribbean American Life Assurance Company (San Juan, PR), collectively known as Assurant Lifestyle L&H. The outlook of these Credit Ratings (ratings) is stable. (See below for a detailed list of the companies and Long- and Short-Term IRs.)

The ratings of Assurant P&C reflect the group’s balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, favorable business profile and appropriate enterprise risk management (ERM).

Assurant P&C maintains the strongest level of risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), despite significant dividends to its parent. The group closely monitors its capital position utilizing BCAR and maintains a target level above AM Best’s minimum requirement for the strongest category, with excess capital used to ultimately fund shareholder dividends and increase financial flexibility for the broader organization. The group’s solid balance sheet position is bolstered further by consistently positive operating cash flows and stable loss reserves, partially offset by high underwriting leverage metrics and significant reinsurance utilization. Assurant P&C produces consistently strong earnings with relatively low volatility, as the organization’s core Global Lifestyle and Global Housing segments continue to benefit from its highly specialized niche product offerings, favorable diversification, disciplined underwriting, rising net investment income amid the ongoing elevated interest rate environment and fee income. The favorable business profile assessment reflects the group’s excellent niche market position and deep relationships with clients under its unique business-to-business-to-consumer distribution model, as well as robust innovation capabilities. ERM remains appropriately sophisticated for the size and complexity of the organization’s extensive operations.

The ratings of Assurant Lifestyle L&H reflect the group’s balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, limited business profile and appropriate ERM. Assurant Lifestyle L&H also receives rating enhancement from its affiliate, Assurant P&C, as it is considered important to the Assurant brand as a licensed credit life and credit accident and health insurer. The group has remained a recognizable name in the credit card space for over 20 years and is a market leader in the credit insurance business in Canada and Puerto Rico. The credit insurance business adds to overall product diversity for Assurant. However, Assurant Lifestyle L&H lacks product diversification as it primarily offers credit insurance products, mostly credit card-related debt to complement Assurant Lifestyle’s brand.

The FSR of A+ (Superior) and the Long-Term ICRs of “aa-” (Superior) have been affirmed with stable outlooks for the following P/C subsidiaries of Assurant, Inc.:

• American Bankers Insurance Company of Florida
• American Security Insurance Company
• Standard Guaranty Insurance Company
• Caribbean American Property Insurance Company
• Voyager Indemnity Insurance Company
• Virginia Surety Company, Inc.
• Reliable Lloyds Insurance Company

The following Short-Term IR has been affirmed:

Assurant, Inc.—

• AMB-1+ (Strongest) on commercial paper

The following Long-Term IRs have been affirmed with stable outlooks:

Assurant, Inc.—

• “a-” (Excellent) on USD 300 million 4.90% senior unsecured bonds, due 2028
• “a-” (Excellent) on USD 350 million 3.70% senior unsecured bonds, due 2030
• “a-” (Excellent) on USD 475 million 6.75% senior unsecured bonds, due 2034 (USD 275 million outstanding)
• “bbb+” (Good) on USD 400 million 7.00% subordinated bonds, due 2048
• “bbb+” (Good) on USD 250 million 5.25% subordinated bonds, due 2061

The following indicative Long-Term IRs on securities available under the shelf registration have been affirmed with stable outlooks:

Assurant, Inc.—

• “a-” (Excellent) on senior unsecured
• “bbb+” (Good) on subordinated debt
• “bbb” (Good) on preferred stock

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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