AM Best Places Credit Ratings of Delaware Life Insurance Company of New York Under Review With Negative Implications

Business Wire

OLDWICK, N.J.--(BUSINESS WIRE)--
AM Best has placed under review with negative implications the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Delaware Life Insurance Company of New York (DLNY) (New York, NY).

DLNY is being placed under review with negative implications following its announced sale to Nassau Financial Group, L.P. The negative implications status reflects the lower Credit Ratings (ratings) of Nassau Financial Group compared with DLNY’s current ratings.

The transaction is subject to regulatory approval and other closing conditions. The ratings of DLNY will remain under review with negative implications until the close of the transaction, which is expected to take place in the second half of 2023, and AM Best reviews the post-transaction details. DLNY has approximately $1.8 billion of total assets with $1.0 billion in separate account assets, with 16,000 policy holders in a reserve profile dominated by annuity liabilities.

The ratings of the remaining members of Group 1001 Life & Annuity Group remain unchanged as DLNY represented less than 5% of the group’s total assets and was in run-off.

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.