OLDWICK, NJ–(BUSINESS THREAD)–AM Best upgraded the Financial Strength Rating (FSR) to B++ (Good) from B+ (Good) and the Long-Term Issuer Credit Rating (Long-Term IKR) to “bbb” (Good) from “bbb-” (Good) of Standard Life and Casualty Insurance Company (Standard Life and Casualty) (Salt Lake City, UT). In addition, AM Best revised the outlook of these credit ratings (ratings) to stable from positive.
At the same time, AM Best affirmed the FSR of B++ (Good) and the long-term ICRs of “bbb” (Good) of Manhattan Life Insurance and Annuity Company (Houston, TX), Manhattan Life Insurance Company (Great Neck, NY). Family Life Insurance Company (Houston, TX) and Western United Life Assurance Company (Spokane, WA). These companies are collectively known as Manhattan Insurance Group (MIG). The outlook for these ratings is stable.
The ratings of the members of MIG are extended to Standard Life and Casualty now that it is fully integrated into the operations of MIG.
MIG’s ratings reflect its balance sheet strength, which AM Best rates as adequate, as well as its strong operating performance, neutral business profile and appropriate ERM. MIG’s rating confirmations are primarily driven by a trend of improving risk-adjusted capitalization over the previous years, together with continued favorable operating performance despite the challenges of the COVID-19 pandemic, and its increasingly diverse portfolio of annuity, life insurance and accidents. and health products. In addition, the group expanded its workplace operations.
The stable outlook reflects AM Best’s expectation that MIG will maintain an overall adequate balance sheet assessment while maintaining strong operating performance.
The unknown long-term public health effects of the COVID-19 pandemic and the uncertain macroeconomic environment partially offset these positive rating factors. Furthermore, MIG has increased investment allocations to NAIC-2 class bond issuances in recent years, which has the potential to significantly reduce the quality of its balance sheet if adverse market conditions arise. AM Best will continue to monitor these awards.
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