AM Best Downgrades Issuer Credit Ratings of Lumico Life Insurance Group Members; Places Credit Ratings Under Review With Negative Implications
AM Best has downgraded the Long-Term Issuer Credit Ratings to “a” (Excellent) from “a+” (Excellent) and affirmed the Financial Strength Rating of A (Excellent) of
The ratings reflect Lumico Life Insurance Group’s balance sheet strength, which AM Best assesses as very strong, as well as its marginal operating performance, limited business profile and appropriate enterprise risk management (ERM).
On
The rating downgrades reflect a revision to Lumico Life Insurance Group’s ERM assessment to appropriate from very strong. AM Best expects that
The ratings are expected to remain under review with negative implications until the analytical team has assessed the impact of this strategic change on the entity’s rating fundamentals.
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
Copyright © 2024 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
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Source: AM Best
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