A.M. Best Revises Outlooks to Stable for Global Bankers Insurance Group’s Insurance Subsidiaries
OLDWICK, N.J. –(BUSINESS WIRE)
A.M. Best has revised the outlooks to stable from positive and affirmed the Financial Strength Rating (FSR) of B++ (Good) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “bbb+” of Colorado Bankers Life Insurance Company (CBL) (Durham, NC). Concurrently, A.M. Best has revised the outlook to stable from positive and affirmed the FSR of B (Fair) and the Long-Term ICR of “bb+” of Bankers Life Insurance Company (Bankers Life) (headquartered in St. Petersburg, FL). CBL and Bankers Life are subsidiaries of Global Bankers Insurance Group (GBIG).
The ratings reflect CBL’s balance sheet strength, which A.M. Best categorizes as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management (ERM).
The ratings reflect Bankers Life’s balance sheet strength, which A.M. Best categorizes as adequate, as well as its marginal operating performance, limited business profile and appropriate ERM.
These revised outlooks reflect A.M. Best’s review of the companies following recent events in the public domain related to investigations into the ultimate owner of GBIG. A.M. Best expects the business disruptions resulting from these events to dampen the previously projected growth estimates for these companies. While A.M. Best expects the companies to maintain or grow premiums, this is now projected to occur at a slower rate than before. The stable outlooks reflect the companies continued capitalization profiles. A.M. Best will monitor the progress of the events related to the investigation and take appropriate rating action as events change.
This press release relates to Credit Ratings that have been published on A.M. 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 A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and A.M. Best press releases, please view Guide for Media – Proper Use of Best’s Credit Ratings and A.M. Best Rating Action Press Releases.
A.M. Best is a global rating agency and information provider with a unique focus on the insurance industry. Visit www.ambest.com for more information.
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Jason MacKenzie, +1 908 439 2200, ext. 5649
Anthony McSwieney, +1 908 439 2200, ext. 5715
Senior Financial Analyst
Christopher Sharkey, +1 908 439 2200, ext. 5159
Manager, Public Relations
Jim Peavy, +1 908 439 2200, ext. 5644
Director, Public Relations
Copyright Business Wire 2018
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