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A.M. Best Upgrades Credit Ratings of Wilton Re Ltd and Its Subsidiaries

June 02, 2017

(Norwalk, CT) A.M. Best has upgraded the Financial Strength Ratings (FSR) to A+ (Superior) from A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) to “aa-“ from “a+” of Wilton Reinsurance Bermuda Limited (Bermuda), Wilton Reassurance Company (Minneapolis, MN), Texas Life Insurance Company (Waco, TX), Wilton Reassurance Life Company of New York (Rye Brook, NY), Wilcac Life Insurance Company (Chicago, IL) and Wilco Life Insurance Company (Carmel, IN), collectively referred to as Wilton Re. The outlook of these ratings has been revised to stable from positive.

A.M. Best has affirmed the FSR of A (Excellent) and the Long-Term ICR of “a” of ivari, Wilton Re’s Canadian operations. The outlook of these ratings is stable.

From the A.M. Best press release:
“These actions reflect Wilton Re’s solid risk-adjusted capitalization level, consistently strong operating earnings on its U.S. business, and high quality balance sheet and stable liability structure, focused principally on mortality risk. The ratings also recognize the ongoing commitment of providing capital by the company’s ultimate parent, Canada Pension Plan Investment Board (CPPIB), in support of Wilton Re’s future growth.”

A.M. Best further noted that, “Wilton Re’s transaction with Aegon N.V. to acquire the Transamerica Life subsidiaries’ U.S. run-off payout annuity and BOLI/COLI businesses will add significantly to the company’s liability profile. Wilton Re’s strategy of closed block acquisitions is viewed positively as it enhances the embedded value of the organization and of its future earnings and capital generation capabilities.”

To view the full report, please see the link here.

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