AM Best Removes From Under Review With Developing Implications, Upgrades Credit Ratings of Standard Security Life Insurance Company of New York

OLDWICK, N.J.--(BUSINESS WIRE)--
AM Best has removed from under review with developing implications and upgraded the Financial Strength Rating (FSR) to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) to “a” (Excellent) from “a-” (Excellent) of Standard Security Life Insurance Company of New York (SSL) (New York, NY). The outlook assigned to the Credit Ratings (ratings) is stable.

The ratings reflect SSL’s balance sheet strength, which AM Best assesses as strongest, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management. SSL’s upgrade is primarily a result of comprehensive integration efforts and strategic importance to its ultimate parent, Tokio Marine Holdings, Inc. In addition, SSL’s ratings also consider its strongest level of risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR) and historically profitable operating performance. Partially offsetting these positive rating factors is company’s somewhat constrained business profile given its product and geographic concentration.

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.

Copyright © 2022 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

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Edin Imsirovic
Associate Director

+1 908 439 2200, ext. 5740

edin.imsirovic@ambest.com

Christopher Sharkey
Manager, Public Relations

+1 908 439 2200, ext. 5159

christopher.sharkey@ambest.com

Greg Williams
Senior Director

+1 908 439 2200, ext. 5815

greg.williams@ambest.com

Jim Peavy
Director, Communications

+1 908 439 2200, ext. 5644

james.peavy@ambest.com

Source: AM Best