NEW YORK, July 26 -- The Hispanic Federation issued the following statement by President Jose Calderon regarding the Senate procedural vote to move ahead and debate legislation regarding the Affordable Care Act:

"Today, the Senate GOP leadership decided by a single vote margin to move forward with their efforts to repeal and/or replace the Affordable Care Act. Of course, the Senate has no idea which of the several versions of the health care bill floated by Republicans they are supposed to consider now or whether they're simply supposed to repeal our existing health law and not consider a bill at all.

"What is clear, is that the options presented by congressional Republicans would have devastating health consequences for American families in every state in our nation. Based on multiple analyses conducted by the Congressional Budget Office, we know that each of the proposals that the Senate is set to consider would leave millions of Americans without their health care protections and benefits. They represent cruel and heartless prescriptions that will make our nation sicker and less prosperous.

"We will continue to work with patient advocacy organizations across the country to oppose these callous efforts and protect the health care of millions of our fellow Americans whose very lives depend on it."

OLDWICK, N.J.--(BUSINESS WIRE)--
AM Best has downgraded the Long-Term Issuer Credit Rating to “bbb” (Good) from “bbb+” (Good) and affirmed the Financial Strength Rating of B++ (Good) of Gleaner Life Insurance Society (Gleaner) (Adrian, MI). AM Best also has maintained the under review with developing implications status for these Credit Ratings (ratings).

The ratings reflect Gleaner’s balance sheet strength, which AM Best assesses as very strong, as well as its marginal operating performance, neutral business profile and marginal enterprise risk management (ERM).

Gleaner was initially placed under review and downgraded based on the company’s ERM assessment on May 31, 2024. The company is in the process of updating several governance policies and practices. Gleaner refiled its year-end 2023 statutory financial statements and filed unaudited first-quarter financial statements in June 2024. The refiled year-end 2023 financial statements show a net loss of $2.2 million, which represents a decline of nearly $3.1 million from the originally reported net gain of $886,000. Gleaner since has reported a net loss of $2.1 million through the third quarter of 2024, which is a continuation of reported losses since 2021.

Gleaner has entered into a coinsurance agreement with Heritage Life Insurance Company to reinsure a block of fixed deferred annuities issued from September 2022 through April 2024. This transaction was effective in October 2024. Following a collaboration with the state regulator, policyholders were given several options on how to handle their annuity policy following the agreement with Heritage. The annuity block reinsures policies with nine-year interest rate guarantees. Gleaner has completed the transaction to remove the risks off the balance sheet.

The ratings are expected to remain under review with developing implications until AM Best is able to assess year-end 2024 financial results. AM Best expects that Gleaner will continue to maintain a very strong balance sheet strength, while improving its operating results. AM Best will continue to monitor the company’s operating performance and the revisions to its ERM program governance.

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.

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View source version on businesswire.com: https://www.businesswire.com/news/home/20241122560161/en/

Michael Lynch
Financial Analyst

+1 908 882 2077

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Christopher Sharkey
Associate Director, Public Relations

+1 908 882 2310

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Wayne Kaminski
Associate Director

+1 908 882 1916

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Al Slavin
Senior Public Relations Specialist

+1 908 882 2318

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Source: AM Best