A.M. Best Places the Credit Ratings of Kanawha Insurance Company Under Review with Negative Implications; Comments on Credit Ratings of Humana Inc.
The under review with negative implications status reflects the history of losses and required capital contributions needed at Kanawha, unclear financial support of the acquiring organization and the loss of the financially strong current parent, Humana. Furthermore, the under review with negative implications status also reflects the relatively weak credit profile of Continental General’s parent, HC2 Holdings, based upon its current leverage position and debt ratings issued by other Nationally Recognized Statistical Rating Organizations.
Based on the terms of the definitive agreement, Humana expects to record a net loss associated with the sale of KMG of approximately
Excluding the loss on the sale, Humana does not anticipate a material impact to earnings in 2017 or 2018 from the sale of the business. Furthermore, Humana has a trend of strong earnings and received over
This press release relates to Credit Ratings that have been published on A.M. 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 A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and
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