AM Best Upgrades Credit Ratings of SWBC Life Insurance Company
AM Best has upgraded the Financial Strength Rating to A- (Excellent) from B++ (Good) and the Long-Term Issuer Credit Rating to “a-” (Excellent) from “bbb+” (Good) of
The ratings reflect SWBC Life’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management. The rating upgrades are driven by improvements in SWBC Life’s capitalization over the last several years through organic growth driven by consistent positive earnings. The company has been able to maintain premium growth in a competitive and declining credit life market. Other factors driving the rating changes are a strong liquidity profile, positive use of reinsurance and support provided by the parent company,
Also noted is SWBC Life’s somewhat narrow business profile due to concentration of sales in credit insurance products and geographic concentration. Additionally, the credit life market will be challenged by rising interest rates, which impact lending levels and credit life production.
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 © 2023 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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