AM Best Affirms Credit Ratings of Wilton Re Ltd. and Its Subsidiaries

August 19, 2022

Oldwick, N.J. – AM Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa-” (Superior) of the life/health subsidiaries of Wilton Re Ltd. (Nova Scotia, Canada), collectively known as Wilton Re. AM Best also affirmed the Long-Term ICRs of “a-” (Excellent) of Wilton Re Ltd. and Wilton Re Finance LLC (Wilton Re Finance) (Delaware). Concurrently, AM Best has affirmed the Long-Term Issue Credit Rating (Long-Term IR) of “a-” (Excellent) on the $300 million, 5.875% senior unsecured notes, due 2033, of Wilton Re Finance LLC. The notes are unconditionally guaranteed by the parent company, Wilton Re Ltd. The outlook of these Credit Ratings (ratings) is stable. (See below for a detailed listing of these companies and ratings).

The ratings reflect Wilton Re’s balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, favorable business profile, appropriate enterprise risk management and continued support of its ultimate parent, Canada Pension Plan Investment Board (CPP Investments).

Wilton Re’s risk-based capital is assessed within the very strong category, as measured by Best’s Capital Adequacy Ratio (BCAR). The capital assessment as of year-end 2021 is a decline from year-end 2020 – to very strong from strongest – but remains supportive of Wilton Re’s balance sheet strength assessment. Operating earnings remain strong with upper single digit returns. Additionally, Wilton Re’s business profile remains favorable and its enterprise risk management program is appropriate for its risk profile.

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