A.M. Best Revises Outlook to Positive for Wilton Re Ltd and Its Subsidiaries
A.M. Best Affirms Ratings of Wilton Re Holdings Limited and Its Subsidiaries
April 29, 2016
(Norwalk, CT) A.M. Best has revised the outlooks to positive from stable and affirmed the financial strength rating of A (Excellent) and issuer credit ratings (ICR) of “a+” for 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 for all ratings is stable.
The revised outlook reflects 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, which are principally focused on mortality risk.
A.M. Best has also has revised the outlooks to positive from stable and affirmed the ICRs of “bbb+” for Wilton Re Ltd (Nova Scotia, Canada) and Wilton Re Finance, LLC (Wilton Re Finance) (Delaware), as well as the issue rating of “bbb+” on the $300 million 5.875% senior unsecured notes due 2033 of Wilton Re Finance. The notes are unconditionally guaranteed by its parent, Wilton Re U.S. Holdings, Inc. and the ultimate parent, Wilton Re Ltd. A.M. Best notes that Wilton Re Ltd’s adjusted financial leverage and interest coverage are within A.M. Best’s expectations. Follow the link here for the full A.M. Best rating release.