A.M. Best Upgrades Credit Ratings of Security Benefit Life Insurance Company and First Security Benefit Life and Annuity Company of New York
The rating upgrades reflect Security Benefit’s balance sheet strength, which
Partially offsetting these positive rating factors are the elevated concentration risk in the business profile in interest sensitive annuities and the investment portfolio in higher risk asset classes. The company’s allocations in structured securities and other non-traditional assets are viewed as high relative to industry averages, and the securities are viewed as higher risk due to potential liquidity concerns under stressed capital market conditions. Additionally, the company holds a significant allocation to floating rate securities, which exposes the company to asset-liability mismatches and earnings compression in declining interest rate scenarios.
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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A.M. Best Affirms Credit Ratings of Markel Corporation and Most Subsidiaries
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