August 28, 2024 Newswires

AM Best Withdraws Credit Ratings of Vantis Life Insurance Company

Business Wire

OLDWICK, N.J.--(BUSINESS WIRE)--
AM Best has affirmed the Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Rating of “aa-” (Superior) of Vantis Life Insurance Company (Vantis Life) (Windsor, CT). The outlook of these 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 Concurrently, AM Best has withdrawn these ratings as the company has requested to no longer participate in AM Best’s interactive rating process.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 Vantis Life’s balance sheet strength, which AM Best assesses as very strong, as well as its marginal operating performance, neutral business profile and appropriate enterprise risk management. The company also receives additional rating enhancement from its parent, Penn Mutual Life Insurance Company (Penn Mutual). Penn Mutual Group’s ratings are un-affected by this withdrawal, since Vantis Life was previously group rated.

Vantis Life is a direct writer and administrator of individual tax deferred annuities, ordinary and group life insurance and credit insurance. Vantis Life is a wholly owned subsidiary of Penn Mutual and has been primarily focused on the direct to consumer channel, but has since stopped issuing new business as of third-quarter 2022. Vantis Life will continue to be a part of Penn Mutual and has the continued explicit support of Penn Mutual, if needed.

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.