AM Best Removes Credit Ratings From Under Review With Negative Implications of Universal Group, Inc.’s Property/Casualty Subsidiaries; Maintains Under Review With Negative Implications Status for Credit Ratings of Universal Life Insurance Company
The rating actions taken on the property/casualty operations of
The ratings of UIC PR reflect its balance sheet strength, which AM Best categorizes as very strong, as well as its adequate operating performance, neutral business profile and marginal enterprise risk management (ERM).
The ratings of UNAIC reflect its balance sheet strength, which AM Best categorizes as strong, as well as its adequate operating performance, neutral business profile and marginal ERM. The ratings further reflect the enhancement given its role within the group.
The ratings of Universal Life reflect its balance sheet strength, which AM Best categorizes as adequate, as well as its strong operating performance, limited business profile and marginal ERM. The credit ratings are based on the elevated counterparty risk associated with Universal Life’s fixed annuity business reinsured through its ceding agreement with
Universal Life’s operations are sound, and in 2019 reported net statutory earnings of
The ratings of Universal Life will remain under review with negative implications, pending completion of Universal Group, Inc.’s capital raise. AM Best expects the capital raise to be completed within the next 90 days. Additionally, AM Best will continue to have ongoing discussions with Universal Life’s management team regarding the movement of its in-force fixed annuity business to a new reinsurer.
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 media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.
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Source: AM Best
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