AM Best Comments on Credit Ratings of Standard Security Life Insurance Company of New York

Business Wire

OLDWICK, N.J.--(BUSINESS WIRE)--
AM Best has commented that the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Standard Security Life Insurance Company of New York (SSL) (New York, NY) remain under review with positive implications. SSL is a subsidiary of Independence Holding Company (IHC) (headquartered in Stamford, CT) [NYSE: IHC].

The Credit Ratings (ratings) were placed under review on April 19, 2021, following the announcement that IHC had signed a definitive agreement to sell SSL to Reliance Standard Life Insurance Company, a subsidiary of Tokio Marine Holdings Inc., for approximately $180 million. The timing of the closing of the transaction has changed from, previously communicated, late third-quarter 2021 to late fourth-quarter 2021, subject to regulatory approvals; however, the rest of the terms of the transaction have remained relatively the same. AM Best has reviewed the financial statements of the company through the first six months of the year, and capital and surplus and earnings are trending as expected. The ratings will remain under review while AM Best discusses the details of the acquisition with company management and until the transaction closes.

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 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.