August 20, 2024 Newswires

AM Best Withdraws Credit Ratings of LifeMap Assurance Company

Business Wire

OLDWICK, N.J.--(BUSINESS WIRE)--
AM Best has affirmed the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a-” (Excellent) of LifeMap Assurance Company (LifeMap) (Portland, OR). The outlook of the Credit Ratings (ratings) is stable. Concurrently, AM Best has withdrawn these ratings as the company has requested to no longer participate in AM Best’s interactive rating process.

The ratings reflect LifeMap’s balance sheet strength, which AM Best assesses as strongest, as well as its marginal operating performance, limited business profile, appropriate enterprise risk management and support of its owners.

LifeMap is a wholly owned subsidiary of Life and Specialty Ventures, LLC (LSV). The ownership of LifeMap was transferred to LSV by Cambia Health Solutions, Inc. (Cambia) Jan. 3, 2022, through the finalization of a partnership agreement. Supplemental health and group life and disability insurance business written by LifeMap is being transitioned to affiliate, USAble Life Insurance Company (USAL), on renewal and no new business is being written by LifeMap. Dental business written by LifeMap has been moved to Cambia’s Blue Cross Blue Shield plan subsidiaries and is administered by USAL.

Prior to the withdrawals, the affirmation of LifeMap reflects its balance sheet strength assessment at the strongest level, based on its strongest level of risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR). LifeMap’s ratings takes into consideration the implicit support by LSV and its controlling owners: Blue Cross Blue Shield of Florida, USAble Mutual Insurance Company and Cambia.

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.